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Thursday, June 30, 2016

LIC Revival of Lapsed Policies Up to September 15, 2016

LIC Revival of Lapsed Policies ..

Special Campaign For Revival Of Lapsed Policies Of LIC Of India Up to September 15, 2016 

Like past many occasions, Life Insurance corporation of India (LIC of India) has come up with a new Revival Campaign with the motive of reducing lapsation of policies & renewing the relation with old policyholders.
This special campaign is from June 15, 2016 (15/06/2016) to September (15/09/2016).
During this campaign, policyholders can revive their lapsed policies with concession in the late fee and relaxation from some medical requirement.

To know the premium due for any particular policy, then send the SMS
ASKLIC <POLICY NO> PREM

To 56767877 (with short code)  or  9222492224 (with long code).
To know the revival amount of  any particular policy, then send the SMS
ASKLIC <POLICY NO> REV 

To 56767877 (with short code) or 9222492224 (with long code).

Policies which are eligible for revival
Individual life insurance policies and Health insurance policies are eligible for revival under this campaign.

Individual Policies and Health Policies which are eligible for revival in this campaign

1.     Lapsed policies under all type of plans are eligible except Micro insurance Plans. ULIP policies under Plan 802, 803, 804 ,811 which are discontinued as per policy conditions are eligible for revival. 
                                                                                                  
2.     Policies which are in lapsed condition for more than 6 months from FUP as on date of revival.

3.     Policies issued through all distribution channels except Micro Insurance.
4.     Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival.

5.     Policies under Plan 805 and 806 can be revived within 1 year from FUP.

6.     The revival of policies with FUP more than 5 years as on the date of revival will be done as per the rules. However, such policies will be eligible for late fee concession.

7.     Policies under all types of Health plans are allowed.

8.     Policies which are in lapsed condition for more than 15 days for Monthly mode/ECS mode and One month for policies with other than the monthly mode, but less than 2 years from FUP as on 15.06.2016 will be eligible.




Concession in late fee..!

Late fee concession will be offered depending on the status of the policy, as indicated below.

Category (depending upon status of policy)
% of concession
allowed in late fee
Maximum amount of
concession allowed
Category I [Policy status 31 (Reduced paid up policies)]
15%
Rs. 2000
Category II [Policy status 41 (Lapsed without SV)]
30%
Rs. 3000

1.     Concession in late fee will be allowed only for policies where policyholder pays all arrears of premium with interest and revival requirements if any, up to the date of revival.

2.     Concession in late fee will be allowed for all types of revival including SB-cum-Revival, Loan–cum-Revival, and Installment Revival.


3.     Concession in late fee will not be allowed to policies which were revived during the campaigns for the revival of lapsed policy in 2013 and two campaigns in 2014-15 and 2015-2016, where concession in late fee was granted.
      
4.     Concession in late fee will also be allowed under policies where no evidence of health will be required that is spot revival.

5.     Late fee concession will also be allowed where the arrears of premium for revival is in policy deposit and adjustment of the same is done during the campaign period after receipt of revival requirements.

6.     Under some plans like plan 87, 91, 128, 165, 174, 179, 184, 185 and 192 wherein the policyholder can pay one or two instalments of premium with interest instead of paying all arrears of premium, concession in late fee will not be allowed for such part payment. Needless to add that if all arrears of premiums with interest are paid during the campaign period, then concession in late fee will be allowed as per rule.


7.     For plan 903 and 904 : Waiver of interest of 20% subject to the maximum of Rs.1,500 under LIC’s Jeevan Arogya plan 903 and 904.

8.     Medical Reports are to be submitted as per existing underwriting rules.


9.    No concession in waiting period.

Concession in Health Requirements 
or Evidence of health

The policy can be revived on submission of satisfactory declaration of good health (DGH) instead of regular health requirements, provided:

1.     Premium under the policy has been paid for at least full 5 years as on date of revival and the Age of the life assured is 45 years or less as on the date of revival (nearer birthday) irrespective of sum assured.

2.     Age nearer birthday between 46-50yrs the total sum to be revved is allowed up to 2 lac.


3.     The Policy has been accepted /  revived at Ordinary rates or with extra other than on health/ build ground.

4.     In Declaration of good health (DGH) submitted by the policyholder, there is no adverse information about health or personal history.

Exclusions for granting 
concession in 
health Requirements:
1.     Term assurance plans, high-risk plans will be excluded.

2.     In addition to above plans, any policy issued with term rider or critical illness rider should also be excluded.


3.     For policies which will not satisfy the above criteria mentioned as at ‘3’ usual health requirements based on age and sum to be revived as on date of revival may be called.

4.     Policies which are not eligible for concession in health requirements, concession in late fee will be allowed as per rule.
This is an excellent opportunity for policyholders to revive their lapsed policy with concession in the late fee and medical requirements. To know more contact your LIC of India agents or visit your nearest/servicing branch.


LIC Revival of Lapsed Policies Up to September 15, 2016 Reviewed by S. Chitra on June 30, 2016 Rating: 5 LIC Revival of Lapsed Policies .. Special Campaign For Revival Of Lapsed Policies Of LIC Of India  Up to September 15, 2016  Like pas...

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