Take advantage of LIC scheme by 6 March
Please tell that a special revival campaign has been started by the company. The campaign has started from 7 January and will run till 6 March 2021. In this campaign, the company is giving customers the opportunity to start the policy again. However, some rules and conditions have been set for this. Let us tell you that the customers of this campaign will get the benefit of those people, who have not been able to pay the premium of their policy for some reason. However, the date of non-payment of premium for this should not be more than 5 years old.
Getting up to 30% off
Apart from this, you will also get the benefit of late fee waiver for policy revival. The company has said that up to 20 per cent will be waived on late fees incurred on re-renewing the policy. On the other hand, if the annual premium is between one to three lakhs, then there can be a 25 percent discount in late fees. While a premium of Rs 3,00,001 and above will get a discount of 30 percent or Rs 3,000. LIC has authorized 1,526 satellite offices to resume such policy. It does not require special medical check-ups.
Re-starting the policy, profitable deal
Under this campaign you have to fulfill certain conditions. The policy will be revived within 5 years. At the same time, some concession will also be given on health related needs. Most policies will be resumed only on the basis of declaration of good health and questions on Kovid-19. Let us tell you that the company had also previously operated revival scheme from August 10 to October 9, 2020.
These policies will not get the benefit of rebate
Apart from this, the company said that this rebate will not be available on high risk plans like term insurance, health insurance, multiple risk policies. Policies which have lapsed in the premium paying term and whose policy term has not been completed till the revival date will be revived in this campaign.
How to revise lapse policy
- To revive your lapse policy, you first have to go to the nearest branch of your insurance company and get a revival coat.
- Explain that the Revival coat is the total sum of the remaining premium. The customer has to fill the revival penalty along with this revival coat. Along with this, the customer has to submit his health certificate as well.
- Form No. 680 is also required to be filled while depositing the amount for revival. The customer also has to submit a copy of his ID and address proof.
- If the revival amount is more than 50 thousand, in that case the customer will also have to submit a copy of the PAN card. By depositing it in the nearest branch of the insurance company, customers can resume their lapse policy.
Keep these things in mind before starting the policy again
Before reviving a lapsed policy, consider a few things, first of all know that buying a new policy is sometimes more economical than reviving the policy. Second, insurance companies often run policy revival camps. In such a situation, it is much cheaper to restart a lapsed policy.