LIC Special Campaign: LIC has been informed by tweeting that LIC policyholders have got a great opportunity to revive their lapsed policy.
Life Insurance Corporation of India (LIC) has started a special campaign for the revival of personal lapsed policies. This special campaign, run from August 17 to October 21, 2022, has been extended to all non-ULIP policies with very discounted late fees. This campaign has been launched to benefit those policyholders who were not able to pay a premium due to difficult circumstances and their policy lapsed. LIC has informed by tweeting that LIC policyholders have got a great opportunity to revive their lapsed policy.
All policies except ULIPs (Unit Linked Insurance Plans) can be revived within 5 years from the date of the first unpaid premium, subject to the policy conditions, LIC said in a statement. It states that there is a 100% waiver of late fees for micro-insurance policies to facilitate the affordable restoration of risk cover.
Late fee waiver for LIC policyholders
For the total receivable premium up to Rs.1 lakh, the insurer is offering a 25 per cent rebate on a late fee, subject to a maximum limit of Rs. 2,500.
For a premium amount of 1-3 lakhs, the maximum concession is Rs. 3,000.
Similarly, for the premium amount above Rs 3 lakh, the concession is 30 per cent offered, subject to a maximum limit of Rs 3,500.
LIC quarterly results
Giving information in the quarterly results released over the weekend, LIC had said that in the June quarter, there was a manifold increase in net income. During this period, the company's income was seen at Rs 682.9 crore, the reason for this being the deposit of record premium. The same income in the same period a year ago was only Rs 2.94 crore. Profit increased despite the insurer reporting lower margins, which the management attributed to a changing product mix and bookings of less than 50 per cent of profit from equities, which fell to Rs 5,076 crore from Rs 11,368 crore in June 2021.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "LIC, Life Insurance Corporation (LIC), LIC Special Revival Campaign")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}