Revival Campaign from LIC – Concessions and Relaxations
LIC has announced Revival Campaign for lapsed policies in order to reduce lapsation and renew the relationship with policy holders. Campaign period will be for a period of three months, starting from 16th Jan 2017 to 15th March 2017.
Several benefits are offered for policies revived during campaign period.
- Concession in late fee
- Concession in submitting the health requirements (Medical reports)
Read more: Calculate amount required to revive your LIC Policy – Online Calculator
Eligibility of policies for revival under this scheme
- Policies which are remaining in lapsed condition for a period more than 6 months from FUP(First Unpaid Premium) is eligible for revival.
- Micro Insurance plans, ULIP (Unit Linked Insurance) policies etc are not eligible.
- Policies which are in lapsed condition during the premium paying term and not completed policy term as on date of revival only will be eligible.
Concessions in Late fee during revival campaign period
- 25 % concession in late fee subject to a maximum of Rs.5000
- Concession in late fee will be available for all types of revivals including SB-Cum-Revival, Loan-cum-revival and instalment revival.
- Concession in late fee will be available even if evidence of health is required ie Spot revival.
Concession in Health Requirements during Revival Campaign period.
Medical requirements (medical reports and special medical reports) which are otherwise required while reviving a policy will be waived subject to following conditions.
- Premium under the policy has been paid for at least full 5 years and age of the life assured is less than 45 years.
- If age near birthday is above 45 years, revival will be done as per existing under writing guide lines.
Exclusions for granting concession in health requirements.
- Term Assurance plans not allowed
- High risk plans not allowed
- Policies issued with term rider
- Policies issued with critical illness rider
Concessions for Health Insurance plans
Policies under all types of health plans are eligible for special concessions.
- For plans 901(Health Plus) and 902 (Health Protection Plus) Only arrears of premium without any evidence of good health are required for revival.
- Jeevan Arogya (Table 903) and LIC’s Jeevan Arogya (Table 904) can be revived with 20% rebate in interest subject to a maximum of Rs.1500. However Medical reports are to be submitted as per existing rules.
Revival Campaign from Life Insurance Corporation of India is a great opportunity to revive your valuable insurance policy, availing rebates and concessions. LIC has enhanced the Revival Campaign Discount which is being welcomed from people of all walks of life.
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He is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'Our LIC' (www.ourlic.in) is his endeavour to provide simple and solid solutions to internal and external customers of Life Insurance Corporation of India.
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