After getting the huge response to its earlier launched Special Revival Campaign from 01/09/2015 to 31/10/2015 which was later extended up to 30/11/2015, LIC of India the state owned insurer again launched it’s Revival campaign from 01/01/2016 to 29/02/2016. In this revival campaign Life Insurance Corporation of India provided some concession in late fee and evidence of health while reviving the policy within this period. It is a very good initiative by Life Insurance corporation of India (LIC).
Policies which are eligible for revival in Revival Campaign
Individual life insurance policies and Health insurance policies are eligible for revival under this campaign.
Individual Policies and Health Policies which are eligible for revival in this revival campaign
- Lapsed policies under all type of plans are eligible except Micro insurance Plans. ULIP policies under Plan 802,803,804,811 which are discontinued as per policy conditions are eligible for revival.
- Policies which are in lapsed condition for more than 6 months from FUP as on date of revival.
- Policies issued through all distribution channels.
- Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival.
- Policies under Plan 805 and 806 can be revived within 1 year from FUP.
- Revival of policies with FUP more than 5 years as on the date of revival will be done as per the rules. However such policies will be eligible for late fee concession.
- Policies under all types of Health plans are allowed.
- Policies which are in lapsed condition for more than 15 days for Monthly mode/ECS mode and One month for policies with other than monthly mode, but less than 2 years from FUP as on 01.09.2015 will be eligible.
Concession in late fee during revival campaign
The basis for allowing concession in late fee will be the total receivable premium under the policy, as indicated below during this revival campaign.
|Total Receivable premium
amount under policy
|% of concession
allowed in late fee
|Maximum amount of
|Upto Rs. 1,00,000||20%||Rs. 1,500|
|From 1,00,001 to 3,00,000||25%||Rs. 2,000|
|From 3,00,001 and above||30%||Rs. 2,500|
- Concession in late fee will be allowed only for policies where policyholder pays all arrears of premium with interest and revival requirements if any, up to the date of revival.
- Concession in late fee will be allowed for all types of revival including SB-cum-Revival, Loan–cum-Revival, and Instalment Revival.
- Concession in late fee will not be allowed to policies which were revived during the campaigns for revival of lapsed policy in 2013 and two campaigns in 2014, where concession in late fee was granted.
- Concession in late fee will also be allowed under policies where no evidence of health will be required i.e spot revival.
- Late fee concession will also be allowed where the arrears of premium for revival is in policy deposit and adjustment of the same is done during the campaign period after receipt of revival requirements.
- Under some plans like plan 91, 128, 174, 179 wherein the policyholder can pay one or two instalments of premium with interest instead of paying all arrears of premium, concession in late fee will not be allowed for such part payment. Needless to add that if all arrears of premiums with interest are paid during campaign period, then concession in late fee will be allowed as per rule.
- For plan 903 and 904 : Waiver of interest of 20% subject to maximum of Rs.1500 under LIC’s Jeevan Arogya plan 903 and 904.
- Medical Reports are to be submitted as per existing underwriting rules.
- No concession in waiting period for health policies during this revival campaign.
To know more about other details you can read my earlier post: Special campaign for revival of lapsed policies of LIC of India