A campaign has been started by the Life Insurance Corporation of India (LIC) to renew expired insurance policies. It will be in effect from February 1 to March 24. Holders of LIC insurance who closed them for any reason can reopen them.
There is a discount on late fees and premiums during this campaign, and the late fee for the premium has been removed. Policyholders will get a 25% discount on premiums up to Rs. 3 lakh and late penalties up to Rs. The rebate will be 30% for premiums over Rs 3 lakh.
Up to five years after the due date for the unpaid premium, the policy may be renewed. A special offer late fee of Rs. 5 may be applied to registered plans that are qualified for NACH and BILL Pay. You can pay your premiums online, in person at a LIC office, or through an agent.
This policy excludes high-risk policies like term insurance, health insurance, and policies with various risks. Policies that have expired throughout the term for paying premiums but haven’t been finished up until the revival date will be eligible for the renewal.
From kids to senior citizens, LIC has a plan for them all. These plans offer savings in addition to security.
For policyholders who cancelled their policies before they reached maturity, the LIC campaign is a fantastic opportunity to reopen them with a discount on the late penalties and premiums. Policyholders should start their policies over by utilising this offer.