If your LIC insurance has also lapsed, this is crucial information for you to know. The fantastic news from LIC is that you may start your terminated insurance on the cheap. The firm has launched a revival programme for policies that have expired, and you are welcome to restart your previous programme under this programme.
- You can make the policy active again.
- ULIP plans cannot be changed back Except for ULIPs, policyholders can reactivate all of their policies.
- If your policy premium is Rs. 1 lakh or less, a 25% late charge reduction will be applied.
You still have until October 24 to start your old insurance, per the information we obtained from LIC. Only after paying the late fee and payment for this will your insurance coverage begin.
You can reactivate the policy.
For those policyholders who for any reason were unable to pay the premium, LIC has launched this discount programme. His insurance coverage was closed as a result. In a tweet, LIC stated that policyholders may reinstate their cancelled insurance.
According to LIC, this plan is providing policyholders with a discount. You will receive a 25% late charge discount if your policy premium is Rs. 1 lakh or less. There will be a maximum discount of Rs 2,500. The amount of the reduction has been set at Rs 3,000 for premiums between Rs 1 and Rs 3 lakh. A deduction of up to Rs 3,500 would be applied to the policy’s premium if it exceeds Rs 3 lakh.
Plans under ULIP cannot be resurrected All policies, with the exception of ULIPs and high risk plans, can be resurrected by policyholders. In addition to the ULIP plan, all sorts of insurance have reportedly been given a chance to resuscitate, although some restrictions have also been included, according to LIC. Considering that the same policy may be restarted. whose premium has to be placed at least five years previously.
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