LIC to offer concession in late fee on revival of lapsed individual policies 

State-owned Life Insurance Corporation of India (LIC) on Monday launched a special revival campaign for individual lapsed policies under which it will provide concession on the late fee.

Upto 30% concession will be provided on the late fee, subject to a maximum of ₹5,000, for all non-linked insurance policies eligible for revival under the campaign that will be in force till October 17. Under the campaign, policies can be revived within 5 years from date of the first unpaid premium subject to satisfying the policy terms and conditions. Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived.

The campaign has been launched for the benefit of policyholders who were not able to pay premiums on time. It is advisable to revive an old policy and restore insurance cover, LIC said in a release.