Has Your LIC Policy time expired? No problems! A super announcement from LIC!
Posted on: 26/Aug/2021 11:58:53 AM
LIC has allowed its policyholders to renew expired licences with some special concessions.
The prevailing crisis of the resurgent coronavirus pandemic has hugely affected the economic conditions of the public in a severe manner! Due to the imposition of lockdown conditions, many have lost their jobs or lifeline, lost income and been subjected to extreme financial shortages!
Further, in these circumstances, many have stopped payment of the Insurance Premium!
Giving due consideration of the above situation of the citizens, Life Insurance Corporation of India has now come forward with an offer of renewal of policies with some special concessions!
It has been announced that the above concessional offer will be valid until 27th October.
Even the policies whose last premium was paid 5 years ago can also be renewed with the above LIC offer. As per regular procedure, these delayed payments warrant penalties! However, LIC has come forward to offer some concession regarding this penalty as well!
As per this concession, if the amount of policy to be paid is less than Rs. 1 Lakh, 20% of the penalty will be waived off!
LIC has announced a maximum amount of Rs. 2000 will be discounted on the penalty amount to be paid for the delayed payment!
