Special Revival Campaign for lapsed policies – LIC of India 2017 – 2018. Life Insurance Corporation of India has launched a limited period scheme, to revive your lapsed policies, with ‘special discounts’ and ‘health requirement concessions’. The period of the campaign will be from 11/12/2017 to 28/02/2018.
This is the second campaign launched by LIC in the current financial year. Unlike the earlier campaign, which was only for policies, which has not acquired any paid up value, this campaign allows the revival of paid-up policies also with discounts. Let us have a detailed look at the conditions and benefits of the scheme.
Special revival campaign – eligible policies
- Lapsed policies under all types of plans except Micro Insurance and ULIP plans are eligible for revival.
- All policies which are in lapsed condition for more than 6 months from first unpaid premium (FUP) as on date of revival shall be eligible.
- The lapsed policy should not have completed the term of the plan.
- Policies which are in a lapsed condition for a period more than 5 five years, shall be eligible, only if, the plan can be revived otherwise, as per existing rules.
Special revival campaign – concession in late fee
|Total Receivable Premium||% of concession allowed||Maximum Concession Allowed|
|up to Rs. 1,00,000||20 %||Rs. 1,500|
|From 1,00,000 to 3,00,000||25 %||Rs. 2,000|
|From 3,00,001 and above||30 %||Rs. 2,500|
How to calculate the amount required to revive your lapsed policy?
In order to revive your lapsed policy, you will have to pay all the arrears of the premium along with the interest up to the date of revival. You can use the Revival and Late Fee Calculator to calculate the amount required to revive your lapsed policy.
Special revival campaign – Other conditions
- Concession allowed only if arrears of premium with interest and revival requirements (if any) are provided at the time of revival.
- Concession in late fee will not be allowed if the policy was revived in previous campaigns and has availed any discount.
- Plans where revival is possible without full payment of premium, (Plans 91,128,174 and 179) concession of late fee will not be provided if part payment is done.
- Concession in late fee will be allowed for all types of revivals including Loan-cum-Revival, SB-cum-Revival and instalment revivals.
- Late fee concession will be available even if the revival amount is adjusted from policy deposit, if the adjustment is done during the campaign period.
Special revival campaign – Concession in health requirement
Policies can be revived by submitting a satisfactory declaration of good health (DGH) instead of regular health requirements, if the following three conditions are satisfied.
- Premium under the policy has been paid for at least full 5 years as on date of revival and the age of life assured is 45 years or less. (Irrespective of the sum to be revived)
- Policy has been accepted/ revived at ordinary rates or with extra other than on health ground.
- In the Declaration of health (DGH) submitted by policy holder, there is no adverse information about health or personal history.
Special revival campaign – Exclusions for granting concession in health requirements.
- Concession will not be allowed if the policy was revived in previous revival campaigns.
- Term Assurance plans and other high risk plans are excluded.
- Any policy issued with term assurance rider and critical illness rider will also be excluded.
Special revival campaign – Forms required.
You can download forms required for revival of policies from the link provided below.
Click here to ⇒ Download form required to revive lapsed LIC policies
It is advised to use this opportunity to revive your polices and regain the invaluable insurance coverage with rebate in interest amount and special concessions on health requirements. For more details contact your nearest LIC branch office.
Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.