Recover Outdated Life Insurance

How to Recover Outdated Life Insurance - LIC Notice
How to Recover Outdated Life Insurance - LIC Notice

Many people in the country have been severely affected economically due to the corona epidemic. There have been times when a series of curfews have been implemented one after the other, making it difficult for most people to eat every day without work or pay, and the government has announced some concessions such as bank loans as the business of many has been paralyzed.

Many LIC policyholders do not pay their insurance premiums due to lack of cash flow. To help them, LIC, India's public sector life insurer, is now offering policyholders the option of renewing outdated policies in the event of an outbreak.


How to Recover Outdated Life Insurance - LIC Notice
How to Recover Outdated Life Insurance - LIC Notice


An added bonus is that policies up to five years old after the last premium has been paid can be renewed using this offer. Penalties are usually levied when renewing such policies. But this time LIC is offering some concessions in this penalty as well. The premium to be paid accordingly is Rs. If it is less than 1 lakh rupees, up to 20% of the fine will be waived. LIC has announced a discount of up to a maximum of Rs 2,000 on fines.

LIC states that this penalty offer does not apply to term insurance and certain high risk policies. But this offer applies to some types of medical insurance. If the premium amount is less than Rs. 1-3 lakhs, up to 25% off penalty will be given. Accordingly, a maximum of Rs. Up to 2,500 discounts are available. If the premium is more than three lakh rupees, a discount of up to 30% of the penalty will be given. This means that LIC will offer a discount of up to a maximum of Rs 3,000. Has announced.


How to Recover Outdated Life Insurance - LIC Notice
How to Recover Outdated Life Insurance - LIC Notice


Therefore, policies that have expired within the last five years can renew their insurance by availing this offer offered by LIC.

The LIC statement said, "The offer was made in the interest of the policyholders as they were unable to pay the premium on time due to unavoidable circumstances. It is best to renew the old policies to redeem the insurance. It is a good opportunity to recover life insurance and ensure financial security for their family, ”LIC said in a statement.

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