Life Insurance-Part-2


Campaign for Revival of lapsed policies from 5-8-2013 to 31-10-2013.

It has been decided by LIC to launch a Campaign for revival of lapsed policies from 5-8-2013 to 31-10-2013. Those insured persons who missed their premium due which resulted in policy lapse will get an opportunity to start their LIC policy again.

Following are the terms and conditions laid by the LIC to renew the policy:

A) ELIGIBILITY OF POLICIES
– All polices issued through different distribution channels are eligible.
– Anywhere revival of policies on the strength of without or with DGH/FMR is allowed.
– Policies under all type of plans are allowed.
– Policies which are in lapsed condition for more than 6 months but less than 5 years from FUP as on 5-8-2013 will be eligible.

B) CONCESSION IN LATE FEE

-If an insured want to renew his/her policy, he/she must pay the late fees to the LIC. Here late fee means LIC charge you interest on the amount of total outstanding premium due. LIC is giving concession in the late fees to all policyholders. If policyholder submits the revival requirements and pay all arrears of premiums then concession in total late fee under each policy will be allowed on the basis of total amount of receivable premium or outstanding premium due as given below:

Table Premium

 

– Concession in late fee will be allowed for all type of revivals.
– Concession will be allowed to all policies irrespective of whether concession in late fee was availed earlier or not.
– In case of any shortfall of interest (late fee) after allowing the concession in late fee, x – charge can be created as per present rules.
– Concession in late fee will also be allowed under polices where no evidence of health will be required.

Suppose, if your total amount of premium due is Rs 50,000/ then you will get a concession at the rate of 20 % but up to maximum of Rs 1,000/. Amount of premium due must be between (Up to Rs 1, 00,000).

Suppose, if your total amount of premium due is Rs 1,50,000/ then you will get a concession at the rate of 25 % but up to maximum of Rs 1,500/. Amount of premium due must be between (From Rs 1, 00,000 to Rs 3, 00,000).

Suppose, if your total amount of premium due is Rs 4,50,000/ then you will get a concession at the rate of 30 % but up to maximum of Rs 2,000/. Amount of premium due must be between (From Rs 3, 00,001 & above).

 

life-insurance

 

C) REVIVAL REQUIREMENTS
Regular Revival (Health) requirements will be called as per sum to be revived.

I am Insurance adviser, therefore I am advising to all of you pay your premiums on time. If you pay your premiums on time there are zero chances that your policy will get lapse in future. If you pay your premiums on time you will get all the benefits of Insurance policy without charging any extra such as late fee.

So be awake towards your premium due. Meet your Insurance adviser. If you don’t have any, you can ask me for the same.

Stay tune with us for more updates on Life Insurance.

Till then, in my own style Good Bye! Shabba khair! Aadab! And Namashkar!!!

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