Lapsed LIC policy? You have 48 hours left to revive it, here is how

To deal with the pandemic and the financial & health concerns that come with it, Insurance giant - LIC is helping its policymakers to revive their lapsed policies in the current financial year.

Insurance giant, LIC has announced a special window to revive old policies which have lapsed due to unpaid premiums and the window for revival is ending next week, that is on March 25.

Here's how to revive your lapsed LIC policy

The state-run insurance giant in a statement said, "In view of the prevailing circumstances, concessions are being offered in late fee for other than Term Assurance and High-Risk Plans, depending on the total premiums paid. There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession in a late fee."


Under this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from the date of the First Unpaid Premium subject to certain terms and conditions.


Consession in late fee for eligible policies

* Up to Rs 1,00,000- Concession in latefee- 20%, Maximum consession- Rs 2000

* From 1,00,001 to Rs.3,00,000- Concession in late fee 25%, Maximum consession- Rs.2,500

* From 3,00,001 and above- Concession in late fee 30%, Maximum consession Rs 3000

Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign.

LIC has regularly allowed such windows with the last such opportunity in Aug 2021 and Nov 2019.