LIC Lapped Policy Revival Scheme: This information is useful if you have policies with Life Insurance Corporation of India, the largest and oldest life insurance provider in the nation, and any of your previous policies have expired. LIC is giving its policyholder a great opportunity to revive the old policy even once. For this, LIC has launched Lapped Policy Revival Scheme 2022. In this scheme, except ULIPs (Unit Linked Insurance Plans), all other types of policies can be revived. In such a situation, customers will not get the benefit of this plan in health insurance plans, term insurance plans, or multiple risk policies.
When can the policy be revived?
The policy can be restarted from August 17 through October 24 according to LIC. If any of your old policies have been discontinued due to non-payment of premium, you will have to deposit the late fee along with the outstanding premium to revive that policy. Let us tell you that under this plan, LIC is giving a discount of up to 30 percent in the late fee to the policyholders. In such a situation, how much discount you will get in late fees depends on the type of your policy and how much premium is outstanding on it.
These conditions have to be fulfilled-
- In this plan, you cannot renew ULIPs and high-risk policies.
- From September 17 through October 24, 2022, you must complete the renewal form in order to benefit from this programme.
- The policyholder must provide all facts pertaining to his health on the revival form (LIC Policy Revival Form). To achieve this, a form must be completed.
- You won’t need to produce a health statement if you are renewing it within six months of the policy expiring.
Such discount will be available at a late fee,
If your premium is up to Rs 1 lakh, then you will get a discount of 20 percent on late fees or up to a maximum of Rs 2,000.
On premiums between Rs 1 and Rs 3 lakh, you will receive a discount of up to 25% or a maximum savings of Rs 2,500.
At the same time, on premium above Rs 3 lakh, there will be a discount of 30 percent or a maximum up to Rs 3,000 on a late fee.
When does the policy lapse?
At the time of purchasing a policy, each policyholder decides whether he will pay the premium of the policy on an annual, 6-month, 3-month, or monthly basis. In such a case, if this is not done within the stipulated time of premium payment, the policy lapses. LIC gives the policyholder a grace period of 30 days for annual, 6 months, and three months premiums, and 15 days for monthly.
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