New Delhi:  Insurance behemoth Life Insurance Corporation of India (LIC) has launched a special campaign for revival of individual lapsed policies. This special drive, to be carried out from August 17 to October 21, 2022, is extended to all non-ULIP policies with very attractive concession in late fee. The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.

This special drive, to be carried out from August 17 to October 21, 2022, is extended to all non-ULIP policies with very attractive concession in late fee. All policies except ULIP (Unit linked Insurance Plan) can be revived within five  years from date of the first unpaid premium subject to policy conditions, LIC said in a statement.

There is a 100 percent waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover, it said. The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.

Life insurance cover is a risk management, for contingent, unexpected loss of life, it said, adding, this campaign gives an opportunity for LIC's policy holders to revive their lapsed policies and continue the benefit of insurance to protect the financial interests of their family. For a total receivable premium of up to Rs.1 lakh, the insurer is offering a 25 percent concession in late fee, with a maximum limit of Rs 2,500.

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