Life Insurance Corporation of India (LIC) has announced a unique opportunity for its policyholders who wish to revive their lapsed policy. The insurance company on Friday announced a unique special revival drive for its customers to revive lapsed LIC policies. The campaign will start from August 17th and will be available till October 21st, 2022. This campaign is a unique one as it is extended to all non-ULIP policies with a very attractive concession in late fee.
This campaign has been launched to help the policyholders who were not able to pay the premium due to unavoidable circumstances and their policy lapsed.
,life insurance Cover is a risk management cover for accidental, unforeseen life loss. This campaign provides a rare opportunity to valued policy holders of LIC to revive their lapsed policies and continue availing insurance to protect their family’s financial interests.” LIC Said in his statement.
Under the campaign, all policies, except ULIP policies, can be revived within 5 years from the date of first unpaid premium, subject to the policy terms.
As per regulatory filings, the total premium receivable up to 25% late fee concession with maximum exemption of Rs.1 lakh 2,500. In addition, for the premium receivable between from 1,00,001 3 lakh, Late fee concession is same as 25% but with maximum concession 3,000.
for the total premium receivable between 3,00,001 and above, late fee concession is up to 30% of which the maximum concession is allowed 3,500.
“There is 100% waiver of late fee for micro insurance policies to facilitate affordable restoration of risk cover,” the statement said. Also, there is no relaxation in medical requirements.
As per LIC, policies except ULIP plans which are in lapsed state during the premium paying term and have not completed the policy term on the date of revival are eligible to be revived in this drive.
On Friday, LIC announced its financial performance for the quarter ended June 30, 2022 (Q1FY23).
In Q1FY23, LIC sold 36.81 lakh policies in the individual segment registering a growth of 59.56% as compared to 23.07 lakh policies sold in Q1FY22.
During Q1 FY23, LIC reports an astonishing growth of 23,127.21% in standalone net profit 682.89 crore for the quarter ended June 30, 2022 (Q1FY23) as compared to a profit of Rs. 2.94 crore in the same quarter last year. In addition, its total premium income climbed 20.35%. 98,351.76 crore in Q1FY23 as compared to 81,721.41 crore during the first quarter of the last financial year.
Year-on-year, the overall business of LIC witnessed a strong momentum with an uptick in marketing activity.
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