New Delhi: Public Sector Life Insurance Corporation of India (LIC) has launched a campaign giving an opportunity to revive lapsed individual insurance policies. In a statement issued on Tuesday, LIC said that all policies except ULIPs (Unit Linked Insurance Plans) can be revived under the special drive with a waiver of late fees. This campaign will start from 17th August till 21st October 2022.
According to the statement, all policies other than ULIPs can be revived within a period of five years from the date of default in the first premium, subject to certain conditions. The insurance company said a 100 percent rebate on late fees will be given to cover the risk for micro insurance policies.
This campaign has been started for the benefit of those policyholders who could not pay the premium due to any reason and their policy was discontinued.
According to LIC, a 25% late fee waiver will be given on the total premium up to Rs 1 lakh. The maximum exemption limit is Rs 2,500. At the same time, the maximum discount is Rs 3,000 on a premium of Rs 1 to 3 lakh. Similarly, a 30 percent rebate will be given on premiums above Rs 3 lakh and a maximum rebate of Rs 3,500 will be given in late fee.
New premium income of life insurers grew by 91 percent in July
Income from new policy premiums of life insurers rose 91 percent to Rs 39,078.91 crore in July. The Insurance Regulatory and Development Authority of India (IRDA) has given this information while releasing the data for July 2022. Life insurers’ new premium revenue in July 2021 was Rs 20,434.72 crore.
Life Insurance Corporation of India (LIC), according to IRDA data, received the highest sum from new policy premiums last month, totaling Rs 29,116.68 crore. In the same month a year ago, LIC’s premium income from the new business was Rs 12,030.93 crore. With a 68.6% market share, LIC dominates the nation’s life insurance industry.
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