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LIC particular revival marketing campaign: Life Insurance coverage Company has this supply to your lapsed coverage. Particulars inside

The Life Insurance coverage Company (LIC) has launched a particular 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 revive their lapsed coverage underneath this particular revival marketing campaign.

“Please contact your LIC Department/Agent and revive your Coverage 102342937 underneath Particular Revival Marketing campaign on or earlier than 31.10.2023 if 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 should guarantee to pay the premiums throughout the due date. They’re allowed a grace interval between 15 and 30 days. It’s only when people fail to pay premiums even in the course of the grace interval that the coverage lapses.

Based on the submit on social media X , “LIC’s Particular Revival Marketing campaign – A chance for policyholders to revive their lapsed insurance policies. To know extra, contact your nearest LIC Department/Agent or go to https://licindia.in.”

 

As per the LIC submit on X, the concession within the late payment fees is split into three components.

Concessions provided by LIC on coverage revival

  • For whole receivable LIC premium cost as much as a variety of 1 Lakh, a rebate of 30% is allowed within the late payment fees or a most concession of 3,000 is eligible.
  • For whole receivable LIC premium cost inside a variety of 1 Lakh to 3 Lakh, a rebate of 30% is allowed for the late payment fees, or a most concession of 3,500 is allowed.
  • If the full receivable LIC premium cost exceeds a variety of 3 Lakh, then the rebate for the late payment fees is 30%, or the utmost concession allowed is 4000.

Tips on how to verify if a LIC coverage has lapsed or not?

1) Go to the LIC portal.

2) Click on on ‘Registered Person’

3)Log in to the LIC portal with the required particulars

4)After logging in, click on on ‘Coverage Standing’

5)Below this, policyholders can verify the due premium date, standing, and lapsed coverage.

 

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Up to date: 03 Oct 2023, 02:05 PM IST

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