Life Insurance Corporation of India (LIC) has announced a special scheme to revive lapsed policies named ‘Special Revival Campaign’. This campaign is open from 10 August to 9 October during which customers can revive their individual lapsed policies.
Under this scheme:
- The policies of specific eligible plans can be revived within five years from the date of the first unpaid premium subject to certain terms and conditions.
- Though it is not offering any concessions in medical requirements, some concessions may be allowed in late fee under plans other than term assurance and other high-risk plans.
- Those policies that have lapsed during the premium- paying term and not completed policy term as on the date of revival, are eligible to be revived during the campaign.
- The campaign is launched to benefit those policyholders who were not able to pay the premium due to unavoidable circumstances and their policy lapsed. It always makes better sense to revive an old policy to restore cover.
Important takeaways for all competitive exams:
- LIC Headquarters: Mumbai, Maharashtra.
- Chairman of LIC: M R Kumar.
- LIC founded: 1 September 1956.
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