Here's how you can revive your lapsed LIC policy till 6 March 2021

The Life Insurance Corporation of India (LIC) has launched a policy revival campaign. Notably, this policy revival drive is to encourage individuals to continue their risk coverage amid the coronavirus pandemic.

The campaign will continue till March 6 this year and assist LIC policyholders to revive their lapsed individual policies. However, there are certain conditions that apply to the revival. Over 1,500 of its satellite offices have authorised to revive such policies for its customers, the company has said.

The special revival drive started on January 7 this year and will continue till March 6 2021. The insurance giant has also authorized its 1,526 satellite offices to revive policies where special medical tests are not required.

"Under this Special Revival Campaign, policies of specific eligible plans can be revived within five years from the date of the first unpaid premium subject to terms and conditions," said LIC in a statement.

Concession in health requirements is also being offered, policyholders are subject to certain eligibility, the company said that most policies can be revived only based on a declaration of good health and a COVID-19 questionnaire to be submitted by the proposer/ life assured.

Policyholders who did not pay premiums or delayed due to inevitable circumstances and their policies lapsed. This revival drive will be a major relief for policyholders, as the company is allowing a 20 per cent late fee concession or Rs 2000. While 25 per cent concession for annual premiums between Rs 1 lakh and Rs 3 lakh.

This campaign is a good opportunity for LIC's policyholders to revive their policies and restore life cover to ensure financial security for their family, said LIC

Pure rick cover policies lapse if the policyholder stops paying the premium. They can be only revived when the policyholder let go of the premiums and assured benefit.

If your traditional plan has lapsed for more than 2 or 3 years, then it can be revived only if your insurance company launched a special campaign.

They can be revived from the date you first missed paying the premium till next two years. Here it is noteworthy to mention that the insurer will give you an option to revive the policy if you skip paying the premiums after the lock-in period.