LIC customers will be able to revive the discontinued policies.

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New Delhi:

Public sector Life Insurance Corporation of India (LIC) has started a campaign giving an opportunity to revive the individual insurance policies which have been lapsed.

LIC said in a statement issued on Tuesday that all policies except ULIPs (Unit Linked Insurance Plans) can be revived under the special drive with waiver of late fee.

This campaign will start on August 17 and will run till October 21, 2022.

According to the statement, all policies other than ULIPs can be revived within a period of five years from the date of default in the first premium subject to certain conditions.

The insurance company said that for micro insurance policies, 100 percent rebate will be given on late fee, to cover the risk.

This campaign has been started for the benefit of those policyholders who were not able to pay the premium due to some reason and their policy was discontinued.

According to LIC, a concession of 25 percent in late fee will be given for the total premium up to one lakh rupees.

The maximum exemption limit is Rs 2,500.

At the same time, for a premium of Rs 1 to 3 lakh, the maximum exemption is Rs 3,000.

Similarly, 30 percent rebate will be given on premium above Rs 3 lakh with a maximum concession of Rs 3,500 in late fee.

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Life insurance companies' new premium income up 91% in July

Income from new policy premiums of life insurers grew by 91 per cent to Rs 39,078.91 crore in July.

The Insurance Regulatory and Development Authority of India (Irdai) has given this information while releasing the data for July, 2022.

A year ago in July 2021, the new premium income of life insurance companies was Rs 20,434.72 crore.

According to IRDA data, Life Insurance Corporation of India (LIC) earned the highest amount of Rs 29,116.68 crore from new policy premiums last month.

In the same month a year ago, LIC's premium income from new business was Rs 12,030.93 crore.

LIC has the highest share of 68.6 percent in the life insurance market of the country.


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