Like past many occasions, Life Insurance Corporation of India (LIC) has come up with a new Revival Campaign with the motive of reducing lapsation of policies and renewing the relation with old policyholders. This special campaign is from 11/12/2017 to 28/02/2018. During this campaign, policyholders can revive their lapsed policies with concession in the late fee.
1. Policies which are eligible for revival
This campaign is the second campaign in this financial year by LIC. The earlier campaign was specifically for the policies lapsed without acquiring any surrender value.
Individual Policies and Health Policies which are eligible for revival in this campaign
- Lapsed policies under all type of plans except Micro Insurance Plans. ULIP plans like 802, 803, 804, 811 and 835 are also eligible for revivl as per policy conditions.
- Policies which are in lapsed condition for more than 6 months from FUP (First Unpaid Premium) as on date of revival.
- Policies issued through all distribution channel of LIC
- 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 of FUP
- The revival of the policies with FUP more than 5 years on the date of revival can be done as per rules of LIC. These policies are also eligible for concession in late fee.
2. Concession in late fee
Late fee concession will be offered depending on the status of the policy, as indicated below.
|Total Receivable premium amount under policy||% of concession allowed in late fee per policy||Maximum amount of concession allowed per policy|
|Upto Rs. 100000||20%||Rs. 1500|
|from Rs. 100001 to 300000||25%||Rs. 2000|
|from Rs. 300001 and above||30%||Rs. 2500|
- Concession in late fee will be allowed only for policies where policyholder pays all arrears of premium with interest and revivl requirements if any, up to the date of revival.
- Concession in late fee will be allowed for all types of revivals including SB-cum-revival, Loan–cum-Revival and instalment revival.
- Concession in late fee will not be allowed to policies which were revived by availing late fee concession during the campaigns in 2014-15, 2015-16, 2016-17 and first revival campaign of 2017.
- 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 where 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 the campaign period, then concession in late fee will be allowed as per rule.
- Medical Reports are to be submitted as per existing underwriting rules.
- No concession in waiting period for health insurance policies.
3. Health Requirements or Evidence of health
The policy can be revived on submission of satisfactory declaration of good health (DGH), medical reports and special reports if any called by called by underwriter depending upon age and sum to be revived under the policy.
Download Revivl Forms From Here Form 680 (DGH for Adults),
This is an excellent opportunity for policyholders to revive their lapsed policy with concession in the late fee. To know more, contact your LIC agents or visit your nearest/servicing branch.