The Life Insurance Corporation (LIC), in the wake of the Coronavirus epidemic, has given policyholders an opportunity to revive their policy which was closed midway due to some reason. LIC has started a campaign to revive such policies. LIC has announced a special campaign from January 7 to March 6 to revive the 'discontinued policies'.
Under this, consumers will be allowed to resume the discontinued policy prematurely with certain conditions. LIC has authorized its 1,526 satellite offices to revive policies that do not require special medical tests.
Concession on health needs
The LIC said in the statement that 'Special eligible schemes will be allowed to be revived within five years from the date of non-payment of premium with certain terms and conditions under the Special Revival Campaign'. As per eligibility, some concessions will also be given on health-related needs.
Discount on late fees and premiums
The statement said that most policies will be resumed only on the basis of the declaration of good health and questions on Kovid-19. LIC ran a similar campaign for its customers from 10 August to 9 October 2020. The statement said that policyholders would get a discount of 20 percent or Rs 2,000 on the late fee. At the same time, a 25 percent discount will be given if the annual premium is Rs 1 lakh to Rs 3 lakh.
LIC's IPO may come soon
It is expected that the year 2021 will prove to be much better in terms of IPO. This year at least 15 companies are set to launch their IPO. The IPO of the country's largest insurance company LIC may also come this year, which may be the largest IPO to date.