LIC is offering its policyholders a chance to resume the discontinued policy. LIC has launched a special campaign which will continue till 9 October. In this campaign, a policy that fulfills certain conditions is being offered to resume.
new Delhi. If you are unable to pay the premium for any of your LIC policies in due time due to money crunch and any other reason, and it has lapsed, then you have another chance to start the policy of LIC. As a matter of fact, LIC is giving its policyholders a chance to resume the discontinued policy. LIC has launched a special campaign which will continue till 9 October. In this campaign, a policy is being offered to resume the policy which fulfills certain conditions.
In a particular campaign, LIC’s discontinued Individual Policy can be reintroduced. LIC said in its statement that only certain policies will be allowed to be started under the special campaign. However, the date of last premium payment in these policies is not more than 5 years old. According to the corporation, the policy holders of Revival will get a rebate of 20 percent in late fees. According to the offer, if the late fee is between Rs 1 lakh to Rs 3 lakh, then 25 percent will be given and 30 percent discount will be given if the late fee is more than Rs 3 lakh.
The premium is paid on an insurance policy on a monthly, quarterly, half-yearly or yearly basis. There is also a grace period every time after the premium deadline. The policy benefits remain in the grace period, although the benefits end when the grace period ends. However, in the policy revived under the special camp, once again the benefits related to the policy start to get.