If you have taken an LIC insurance policy earlier and stopped it midway before its maturity due to any reason, you can start it. Life Insurance Corporation of India has started a campaign to revive old policies that have lapsed. It will run from February 1 to March 24.
You can revive your LIC policy under the campaign launched by LIC. In a tweet made by Life Beam Corporation of India, it has been stated that during this campaign late fees have also been waived for premiums. There is 25 percent discount on late fees up to Rs 1 lakh and 25 percent on premiums up to Rs 3 lakh. At the same time, the discount will be 30 percent for premiums above 3 lakh.
The policy can be revived for 5 years
LIC policy can be started up to five years from the date of unpaid premium. While a special offer late fee of Rs.5 may be charged on eligible NACH and BILL Pay registered policies. You can pay the premium online and by visiting the office of the government insurance company or through an agent.
Who does not get the benefit
It has also been stated by the government insurance company that high risk plans like term insurance, health insurance, multiple risk policies will not get the benefit of this policy. On the other hand policies which have delayed premium payment term and have not completed the term till the revival date will get the benefit.
Let us tell you that Life Insurance Corporation of India has introduced policies for each category. LIC has plans for children to senior citizens. Along with protection under these policies, you can also save.