Closed LIC policy can be operational again with less money, here is the process

If your LIC policy is closed due to non-payment of premium on time, then there is great news for you. In fact, in the wake of the Corona epidemic, the Life Insurance Corporation (LIC) has offered policyholders to revive their discontinued policies. LIC has also started a special campaign for this from 7 January to 6 March.

LIC is also giving some concession on health related needs as per the policy holder’s eligibility in this scheme. However, this concession will be available only during the campaign period. In addition, you can resume interrupted policies with certain conditions.

According to the information received, LIC has asked its 1,526 offices to resume such policies. Best of all, there is no need to conduct any special medical test for this.

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LIC states that under special revival drive, the closed policies with certain terms and conditions will be allowed to resume within five years from the date of non-payment. These policies can be started only on the basis of the declaration of good health and questions related to the corona.

Explain that LIC is also giving a discount of 20% or Rs 2,000 on late fine i.e. late fee on starting these policies. Whereas, policies with an annual premium of one lakh to three lakh rupees are going to get more than 25% discount.