MUMBAI: The Life Insurance Corporation (LIC) of India has launched a lapsed policy revival campaign. This allows customers to revive their policy with a concession in late fee payment.
According to officials, the corporation has for the first time extended the campaign to microinsurance and health insurance policies in additional to conventional products.
The revival campaign, which was started from August 23 and will continue till October 22, aims to give an opportunity to those who have not been able to pay their premium arising out of some emergency for five years, including during the pandemic.
The concession is in the 20-30% range and subject to a cap of Rs 3,000. The concessions are not available for term assurance and high-risk plans.
On Wednesday, the corporation’s chairman M R Kumar also launched its Ananda (Atma Nirbhar Agents New Business Digital Application) mobile app. This app enables agents to onboard customers by completing the know-your-customer process without paper using Aadhaar.
