Special revival campaign of Life Insurance Corporation of India for revival of lapsed policy which was earlier launched from 01/09/2015 to 31/10/2015 has been extended up to 30/11/2015. This will help the policy holders to revive their policies with concession in late fee. During this campaign policy holders of Life Insurance Corporation of India will get the concession in late fee up to 30% and relaxation of some health requirements.
Policy Holders can revive their policy from any branch if the there is no health requirements other than DGH (Declaration of Good Health) of FMR (Full Medical Report). If there are any other health requirement then customer has to visit the servicing branch to revive the policy.
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 under this revival campaign.
- 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.
This is very good opportunity for policy holders, and must take benefit of this revival campaign