LIC Initiates Special Drive To Revive Lapsed Policies
Life Insurance Corporation of India (LIC) has initiated a special campaign designed to revive individual lapsed insurance policies. This campaign, scheduled to run from 1 September to 30 September, aims to provide assistance to policyholders whose policies lapsed due to circumstances preventing them from paying their premiums.
Insurance policies typically lapse when policyholders fail to pay their fixed premiums within the specified due date or during the grace period. The grace period typically ranges from 15 to 30 days.
To revive a lapsed LIC policy, policyholders have several options:
Directly with the Insurer: Policyholders can reactivate their policies by paying the late payment interest directly to the insurer.
Compliance with Plan Conditions: Revival of a lapsed policy can also be done in accordance with the plan's conditions. This usually involves submitting proof of continued insurability to the satisfaction of the insurer and clearing all outstanding premium payments along with applicable interest.
Agent or Branch Visit: Policyholders can visit their insurance agents or the nearest LIC branch to inquire about the revival process and proceed with it.
Contacting Customer Service: Inquiries and information about revival procedures can be obtained by contacting the insurer's customer service department.
It's important to note that the cost of any required medical reports, including special reports, for the purpose of policy revival shall be borne by the policyholder.
In related news, LIC has acquired a 6.66 per cent stake in Jio Financial Services, the demerged non-banking financial services unit of Reliance Industries Limited, led by Mukesh Ambani. This acquisition was completed through the demerger action initiated by Reliance Industries Limited. Jio Financial Services was officially listed on the stock exchanges on 21 August.
