LIC launches special campaign for policyholders to revive lapsed policies

“LIC gives a unique opportunity for policyholders to revive their lapsed policies,” the insurance behemoth tweeted.

All policies except ULIP (Unit linked Insurance Plan) can be revived within 5 years from date of the first unpaid premium subject to policy conditions, LIC said in a statement.

There is a 100 per cent waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover, it said.

Late fees concessions for LIC policyholders 

• For a total receivable premium of up to ₹1 lakh, the insurer is offering a 25 per cent concession in late fee, with a maximum limit of ₹2,500.
• For premium amounting ₹1-3 lakh, the maximum concession allowed is ₹3,000.
• Similarly, for a premium amount of above ₹3 lakh, concession offered is 30 per cent, with a cap of ₹3,500.

Over the weekend, the national insurer LIC had reported a manifold jump in June quarter net income at ₹682.9 crore, driven by record premium income, as against a paltry ₹2.94 crore a year ago.

The profit rose despite the insurer reporting lower margins, which the management attributed to changed product mix and booking less than 50 per cent of the profit from equity which plunged to ₹5,076 crore from ₹11,368 crore in June 2021.

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