LIC, the Life Insurance Corporation of India, with millions of policyholders nationwide, has introduced a special initiative to help policyholders reactivate lapsed policies.
This campaign, running from September 1 to October 31, 2023, provides substantial discounts to those seeking to revive their policies.
What’s a Lapsed Policy?
After obtaining a policy, premiums must be paid annually, semi-annually, quarterly, or monthly.
If you fail to meet the premium payment deadline, the policy lapses. To reinstate it, you’ll need to pay a penalty, after which you can reactivate the policy.
LIC’s Social Media Announcement
LIC recently shared this initiative on its official Twitter account. They are offering significant discounts to policyholders looking to restore their lapsed policies between September 1 and October 31, 2023.
The discount varies depending on the premium amount. For premiums of up to Rs 1 lakh, there’s a 30% discount on late fees, up to a maximum of Rs 3,000.
Premiums between Rs 1 lakh and Rs 3 lakh can enjoy a 30% discount, with a maximum benefit of Rs 3,500, while premiums exceeding Rs 3 lakh can benefit from a 30% discount, up to a maximum of Rs 4,000.
How to Restart Your Policy
If you wish to reinstate your lapsed policy, you can do so conveniently through LIC’s official website, licindia.in.
Alternatively, you can visit your nearest LIC branch or contact an LIC agent for assistance.
