Your policy has lapsed, so LIC is giving you a chance to start again, special discount on late fees, know full details

If you have got a Life Insurance Corporation (LIC) policy, then you have a great chance to revive it. For this a special revival campaign has been organized by LIC. Apart from this, there is also a discount on the fine imposed on depositing premium from late. However, it is not for term insurance.

At present, the Special Revival Campaign is being run by Life Insurance Corporation. This campaign was started on 23 August and this campaign will run till 22 October. In such a situation, you should also take advantage of this and restart the policy closed for years. Today’s investment is for your future. This revival campaign is with term condition. No revival of high risk cover plan is allowed under this campaign.

Rebate on revival premium amount

According to the press release issued by LIC regarding this, rebate on late fee is also being given. The discount amount is based on your total revival premium amount. Under the special revival campaign, if a policy is closed for the last five years, then it can be revived. There are many other terms and conditions regarding this.

Special discount on late fee

If the total revival premium amount is up to Rs 1 lakh, the late fee concession can be 20 per cent and a maximum of Rs 2000. For premium amount up to Rs 1-3 lakh, the concession will be 25% and the maximum discount will be Rs 2500. Late fee concession will be 30% for premium amount above Rs 3 lakh. The maximum amount of exemption can be Rs 3000.

Health insurance policy Arogya Rakshak also launched

Apart from this, Life Insurance also launched LIC Arogya Rakshak policy. It is a health insurance plan which is a regular premium non-linked policy. Fixed benefit is available under this policy. An individual can buy this policy for himself, for spouse, for children.

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