Before the IPO, LIC provides an opportunity to revive the lapsed policy. details here

In a statement, the state-run insurer said that policies that have expired during the premium paying period and have not completed the policy term are eligible to be revived in the campaign, which will begin on February 7 and March 25, Will start on 2022.

While the current COVID scenario has emphasized the need for death cover, the company said, this campaign is a good opportunity for LIC policyholders to revive their policies, restore life cover and ensure financial security for their family.

Also, depending on the total premium paid, late fee concessions are being given for other than term assurance and high risk plans.

However, there is no concession on medical needs. Eligible health and micro insurance plans are also eligible for late fee concession.

For traditional and health policies with total receivable premium of up to 1 lakh, the insurer is offering 20% ​​rebate in late fee with a maximum limit of Rs. 2,000.

Similarly, for the premium amount above 3 lakhs, the discount offered is 30%, subject to a maximum of Rs. 3,000. LIC is offering complete concession in late fee for micro insurance plans.

Under the campaign, policies of specific eligible schemes can be revived within five years from the date of first unpaid premium, subject to certain terms and conditions.

With inputs from PTI