LIC’s lapsed policy: Do you also have any such LIC policy which is closed? Or the premium has lapsed due to not being paid on time. Then you have this great opportunity to get it started again. Now you will also get a discount of up to Rs 4,000 on re-activation of the policy. Read this news…
Many times it happens that we are not able to pay the insurance policy premium on time and your policy lapses. If you also have any such policy of Life Insurance Corporation of India (LIC) which has been closed for a long time, then now you can get it started again. LIC is also giving a discount of up to Rs 4,000 for this for the next 10 days.
LIC has currently started a special campaign to revive the lapsed policy. Its last date is 31st October. Under this campaign, LIC customers can not only renew their insurance policy but can also save up to Rs 4,000 on the deposit amount.
What is a lapse policy?
Generally any insurance policy of LIC has to be valid for at least 3 years. If the policy is not revived within this period, then it lapses. Along with this, you get a grace period in every policy after the due date of paying premium. Even if the premium is not paid within that time period, your policy lapses. All these policies can be revived by paying the outstanding premium and late fees and interest thereon. For this, LIC also runs campaigns from time to time.
You will get a discount on restarting a discontinued policy
In the special campaign that LIC has started to restart the lapsed policies, up to 30 percent discount is being given on late fees. In this, different discounts will be available according to different premiums.
- If your total outstanding premium is up to Rs 1 lakh, then you will get 30% discount on late fees. This will be maximum Rs 3,000.
- If your total outstanding premium is between Rs 1,00,001 to Rs 3,00,000, then you will get 30% discount on late fees up to a maximum of Rs 3,500.
- If the total outstanding premium of your policy is Rs 3,00,001. On this also you will get 30% discount on late fees up to a maximum of Rs 4,000.