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The Existence Insurance coverage Company (LIC) has introduced a different marketing campaign for renewing expired insurance policies. LIC’s particular revival marketing campaign began on September 1. Policyholders have time until 31 October, 2023 to restore their lapsed coverage underneath this particular revival marketing campaign.
“Please touch your LIC Department/Agent and revive your Coverage 102342937 underneath Particular Revival Marketing campaign on or sooner than 31.10.2023 if now not revived-LIC of India,” the insurance coverage behemoth is reminding the shoppers by way of messages.
When do insurance coverage insurance policies lapse?
Policyholders will have to be certain that to pay the premiums inside the due date. They’re allowed a grace duration between 15 and 30 days. It’s only when folks fail to pay premiums even right through the grace duration that the coverage lapses.
Consistent with the submit on social media X , “LIC’s Particular Revival Marketing campaign – A chance for policyholders to restore their lapsed insurance policies. To understand extra, touch your nearest LIC Department/Agent or seek advice from
As in line with the LIC submit on X, the concession within the past due charge fees is split into 3 portions.
Concessions introduced by means of LIC on coverage revival
- For general receivable LIC top rate cost as much as a spread of ₹1 Lakh, a rebate of 30% is permitted within the past due charge fees or a most concession of ₹3,000 is eligible.
- For general receivable LIC top rate cost inside a spread of ₹1 Lakh to ₹3 Lakh, a rebate of 30% is permitted for the past due charge fees, or a most concession of ₹3,500 is permitted.
- If the whole receivable LIC top rate cost exceeds a spread of ₹3 Lakh, then the rebate for the past due charge fees is 30%, or the utmost concession allowed is ₹4000.
Tips on how to test if a LIC coverage has lapsed or now not?
1) Cross to the LIC portal.
2) Click on on ‘Registered Consumer’
3)Log in to the LIC portal with the desired main points
4)After logging in, click on on ‘Coverage Standing’
5)Below this, policyholders can test the due top rate date, standing, and lapsed coverage.
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Up to date: 03 Oct 2023, 02:05 PM IST
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