The headline to revive lapsed LIC insurance policies for policyholders is ending subsequent week, that’s on March 25. The Life Insurance coverage Company of India, or LIC, had in February introduced in a major grant to its policyholders to battle with the pandemic and the monetary and well being dangers related to it. The state-run insurance coverage big is within the means of providing its policyholders to revive their lapsed insurance policies within the present monetary 12 months, the corporate has stated in a press launch. That is for the second time the LIC is working this marketing campaign.
LIC is working a particular coverage revival marketing campaign until March 25 for particular person lapsed insurance policies. The marketing campaign had began on February 7. Insurance policies, that are in a lapsed situation through the premium paying time period and never accomplished coverage time period, are eligible to be revived on this marketing campaign.
“In view of the prevailing circumstances, concessions are being supplied in late payment for apart from Time period Assurance and Excessive Threat Plans, relying on the entire premiums paid. There aren’t any concessions on medical necessities. Eligible Well being and Micro Insurance policy additionally qualify for the concessions in late payment,” LIC had stated in a press launch.
“Underneath this particular revival campaign, insurance policies of particular eligible plans could be revived inside 5 years from the date of the primary unpaid premium topic to sure phrases and situations,” the IPO-bound insurer added in its assertion.
“Whereas the present Covid-19 pandemic situation has emphasised the necessity for mortality safety, this marketing campaign is an efficient alternative for LIC’s policyholders to revive their insurance policies, restore life cowl and guarantee monetary safety for his or her household,” the press launch additional famous.
“Insurance policies that are in a lapsed situation through the premium paying time period and never accomplished coverage time period are eligible to be revived on this marketing campaign,” it added.
There aren’t any concessions on medical necessities. Eligible well being and micro insurance coverage additionally qualify for the concession in late payment, the discharge had stated.
For standard and well being insurance policies with a complete receivable premium of as much as Rs one lakh, the insurer is providing a 20 per cent concession in late payment, with a most restrict of Rs 2,000. Equally, for a premium quantity of above Rs Three lakh, concession supplied is 30 per cent, with a cap of Rs 3,000.
The LIC had additionally launched a Twitter assertion concerning this in February.
Listed here are the Concessions Supplied in Late Price for Eligible Insurance policies:
a. As much as Rs 1,00,000 — Concession in Late Price: 20 per cent; Most Concession: Rs 20,00
b. From Rs 100,001 to Rs 3,00,000 — Concession in Late Price: 25 per cent; Most Concession: Rs 2,500
c. From Rs 3,00,001 and above — Concession in Late Price: 30 per cent; Most Concession: Rs 3,000
d. For Micro Insurance coverage Plans, the concession will likely be 100 per cent, which will likely be granted in full
Nonetheless, excessive threat plans akin to time period assurance and a number of threat insurance policies are out of this vary.
(With PTI inputs)