Under the Life Insurance Corporation of India’s special renewal scheme, you can renew your policy which has expired till March 25. LIC has given till March 25, 2022 to pay the premium of the expired policy.
Life Insurance Corporation of India (LIC), the country’s largest state-owned insurance company, has come up with a huge relief for policyholders. If your LIC policy expires, you have a golden opportunity to renew it by March 25.
Under the Life Insurance Corporation of India’s special renewal scheme, you can renew your policy which has expired till March 25. LIC has given till March 25, 2022 to deposit the premium of the expired policy. The policy can be renewed within 5 years of non-payment of premium for 5 years. When renewing a lapsed policy, the penalty for late payment of premium will also be reduced.
However, it should be noted that under this scheme, high risk insurance schemes such as term insurance and multiple risk policies are not exempted from penalty for late payment. A special campaign is being conducted on behalf of LIC across the country.
Under this scheme, on renewal of regular health insurance up to Rs. 1 lakh, a discount of 20 per cent of the penalty or a maximum of Rs. 2,000 will be given. At the same time, a penalty of 25 per cent or a maximum of Rs 2,500 will be given on penalties for policies ranging from Rs 1 lakh to Rs 3 lakh. Apart from this, a policy of more than Rs. 3 lakhs will be given a discount of 30 per cent or a maximum of Rs.
In addition, no offer will be made on the medical statement required to renew the policy.