Life Insurance coverage Company of India (LIC) has launched a particular marketing campaign for the revival of particular person lapsed insurance policies. This particular drive will probably be carried out from September 1-30. The marketing campaign was launched to learn these policyholders who weren’t in a position to pay premiums attributable to unavoidable circumstances and their coverage lapsed.
When do insurance coverage insurance policies lapse?
Often, you’re required to pay a set premium periodically on the due date or inside the grace interval. If you happen to don’t accomplish that, your coverage lapses.
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.
The right way to revive a lapsed LIC Coverage?
-Policyholders can reactivate their insurance policies straight with the insurer by paying the late cost curiosity.
– A lapsed coverage will be revived as per the plan circumstances on submission of proof of continued insurability to the satisfaction of the Company and cost of all arrears of premiums along with curiosity at such price as mounted by the Company sometimes.
-To finish the revival course of for LIC insurance coverage, policyholders can name the brokers or go to the department.
-They’ll additionally inquire about revival procedures by contacting your insurer’s customer support division.
-The price of Medical Experiences, together with Particular Experiences, if any, required for the aim of Revival of the coverage shall be borne by the Life Assured.
In different information, LIC has acquired 6.66 per cent stake in Jio Monetary Companies, the demerged non-banking monetary providers unit of the Mukesh Ambani-led Reliance group.
“… Company has acquired 6.660 per cent shareholding in ‘Jio Monetary Companies Ltd’ via demerger motion by ‘Reliance Industries Ltd’,” LIC stated in a regulatory submitting.
Jio Monetary Companies was listed on the inventory exchanges on August 21.
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Up to date: 02 Sep 2023, 09:37 AM IST
