The Life Insurance Corporation of India (LIC) has taken the initiative of providing an opportunity to its policyholders to bring back their individual lapsed policies.

As already informed by the company, the Special Revival Campaign started August 17 and will continue till October 21, 2022.

"It extends to all non-ULIP policies with very attractive concessions in late fees. Under this Special Revival Campaign except for ULIP policies, all policies can be revived within 5 years from the date of the First Unpaid Premium subject to policy conditions," said LIC.

An allowance of around 25 to 30 percent or Rs. 2,500 to Rs. 3,500 in a late fee. There is also a 100 percent waiver of late fees for Micro Insurance Policies to "facilitate affordable restoration of risk cover."

Moreover, LIC added that there is no allowance for medical requirements. Policies except for ULIP Plans which are in lapsed condition during the premium paying term and not completed policy term as of the date of revival are eligible to be revived in this campaign.

LIC saw its share prices hyping up after it alleged a multifold jump in its June quarter net profit. The state-run insurance colossus's net profit stands at Rs. 682.89 crore, a year back in the same period, it stood at Rs 2.94 crore.

It is to be noted that for policies with a total receivable premium of up to Rs 1 lakh, a 25 percent late fee concession up to Rs 2,500 is allowed. For policies with a receivable premium ranging between Rs 1 lakh to 3 lakh, late fee concession of 25 percent, up to Rs. 3,000 is permitted, while for the receivable premium of over Rs 3 lakh and above, 30 percent late fee concession up to Rs 3,000 is allowed.

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