Life Insurance Corporation of India (LIC) has launched a special campaign for revival of particular person lapsed policies. This special drive, to be carried out from August 17 to October 21, 2022, is prolonged to all non-ULIP policies with very engaging concession in late charge. The campaign is launched to profit these coverage holders who weren’t in a position to pay premiums due to unavoidable circumstances and their coverage lapsed.
“LIC provides a singular alternative for policyholders to revive their lapsed policies,” the insurance coverage behemoth tweeted.
All policies besides ULIP (Unit linked Insurance Plan) might be revived inside 5 years from date of the primary unpaid premium topic to coverage situations, LIC stated in a press release.
There is a 100 per cent waiver of late charge for Micro Insurance Policies to facilitate reasonably priced restoration of threat cowl, it stated.
Late charges concessions for LIC policyholders
- For a complete receivable premium of up to ₹1 lakh, the insurer is providing a 25 per cent concession in late charge, with a most restrict of ₹2,500.
- For premium amounting ₹1-3 lakh, the utmost concession allowed is ₹3,000.
- Similarly, for a premium quantity of above ₹3 lakh, concession supplied is 30 per cent, with a cap of ₹3,500.
Over the weekend, the nationwide insurer LIC had reported a manifold leap in June quarter internet earnings at ₹682.9 crore, pushed by document premium earnings, as towards a paltry ₹2.94 crore a yr in the past.
The revenue rose regardless of the insurer reporting decrease margins, which the administration attributed to modified product combine and reserving lower than 50 per cent of the revenue from fairness which plunged to ₹5,076 crore from ₹11,368 crore in June 2021.
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