Active Stocks
Thu Mar 28 2024 14:39:26
  1. Tata Steel share price
  2. 156.40 2.32%
  1. HDFC Bank share price
  2. 1,457.95 1.20%
  1. ITC share price
  2. 431.35 0.78%
  1. Power Grid Corporation Of India share price
  2. 279.00 2.93%
  1. State Bank Of India share price
  2. 758.75 3.36%
Business News/ Insurance / News/  LIC launches special campaign for policyholders to revive lapsed policies
BackBack

LIC launches special campaign for policyholders to revive lapsed policies

‘LIC gives a unique opportunity for policyholders to revive their lapsed policies,’ the insurance behemoth tweeted.

Over the weekend, the national insurer LIC had reported a manifold jump in June quarter net income at ₹682.9 crore. (Reuters)Premium
Over the weekend, the national insurer LIC had reported a manifold jump in June quarter net income at 682.9 crore. (Reuters)

Life Insurance Corporation of India (LIC) has launched a special campaign for revival of individual lapsed policies. This special drive, to be carried out from August 17 to October 21, 2022, is extended to all non-ULIP policies with very attractive concession in late fee. The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.

“LIC gives a unique opportunity for policyholders to revive their lapsed policies," the insurance behemoth tweeted.

 

All policies except ULIP (Unit linked Insurance Plan) can be revived within 5 years from date of the first unpaid premium subject to policy conditions, LIC said in a statement.

There is a 100 per cent waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover, it said.

Late fees concessions for LIC policyholders 

  • For a total receivable premium of up to 1 lakh, the insurer is offering a 25 per cent concession in late fee, with a maximum limit of 2,500.
  • For premium amounting 1-3 lakh, the maximum concession allowed is 3,000.
  • Similarly, for a premium amount of above 3 lakh, concession offered is 30 per cent, with a cap of 3,500.

Over the weekend, the national insurer LIC had reported a manifold jump in June quarter net income at 682.9 crore, driven by record premium income, as against a paltry 2.94 crore a year ago.

The profit rose despite the insurer reporting lower margins, which the management attributed to changed product mix and booking less than 50 per cent of the profit from equity which plunged to 5,076 crore from 11,368 crore in June 2021.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 17 Aug 2022, 10:47 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App