LIC offers late fee concession for reviving lapsed policies

Life Insurance Corporation of India (LIC) on Wednesday launched an opportunity for policyholders to revive their 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, LIC said in a statement.

Under this special revival campaign expect ULIP policies, all policies can be revived within 5 years from date of the first unpaid premium subject to policy conditions. There is a 100 percent waiver of late fee for micro insurance policies to facilitate affordable restoration of risk cover, it said.

However, there is no concessions in medical requirements, LIC mentioned.