The Life Insurance coverage Company of India (LIC) has introduced a particular marketing campaign to revive lapsed insurance policies that have been closed earlier than maturity at a reduced premium from September 1 on the event of the corporate’s 67th anniversary.
Taking to X (previously Twitter), the insurance coverage firm stated it’s happy to announce its outstanding 67th anniversary, symbolising a long time of belief, integrity and excellence within the Insurance coverage business. A complete of 27.74 crore insurance policies have being serviced by LIC as on March 31, 2023, the assertion learn.
Through the marketing campaign, LIC brokers and staff will attain out to the policyholders of lapsed insurance policies with the phrases of revival.
“We categorical our gratitude to policyholders, shareholders and staff for his or her unwavering help and dedication all through the years. LIC’s journey has been nothing wanting extraordinary — we owe our success to the belief and confidence reposed in us by our loyal stakeholders,” stated LIC chairperson Siddhartha Mohanty.
What’s coverage lapse?
A coverage lapse happens when a policyholder is unable to avail of the advantages and canopy of the coverage because of non-payment of instalments/ premiums inside the designated time length.
Policyholders should guarantee to pay the premiums inside the due date. They’re allowed a grace interval between 15 and 30 days. It is just when people fail to pay premiums even throughout the grace interval that the coverage lapses.
How you can revive a lapsed LIC coverage?
- Policyholders can revive their insurance policies with the insurer by paying the late cost curiosity.
- A policyholder can revive their lapsed coverage by paying a renewal price together with a late price and extra pursuits/penalties on the due premiums as per the plan circumstances.
- The policyholders can contact the brokers or go to the department for the method.
The insurance coverage firm had in February additionally launched an analogous revival marketing campaign based on which policyholders who purchased their insurance policies post-January 1, 2014, might revive their non-linked insurance policies inside 5 years and unit-linked insurance policies inside three years of the primary unpaid premium.
LIC had supplied a late concession of 25% on the premium quantity of ₹3 lakh. For the premium quantity of over ₹3 lakh, the late price concession was slated as 30%.
With such campaigns, LIC seeks to encourage its policyholders to reinstate their outdated insurance policies and revel in all the advantages that include them. Life insurance coverage cowl is a danger administration, for contingent, sudden lack of life, it stated, including, this marketing campaign offers a possibility for LIC’s coverage holders to revive their lapsed insurance policies and proceed the advantage of insurance coverage to guard the monetary pursuits of their household.