For the total receivable premium from Rs 1-3 lakh, a 25 percent concession in late fees not exceeding Rs 2,500 would be offered.
In the case of the total receivable premium being above Rs 3 lakh, a 30 percent concession in late fees is permitted, but the concession amount cannot exceed Rs 3,000.
|TOTAL RECEIVABLE PREMIUM
||PERCENTAGE ALLOWED IN LATE FEE CONCESSION
||MAXIMUM CONCESSION ALLOWED
|Up to Rs.1,00,000
|From 1,00,001 to Rs.3,00,000
|From 3,00,001 and above
"The campaign is launched for the benefit of those policyholders whose policies lapsed as they were not able to pay premiums on time due to unavoidable circumstances. It always makes better sense to revive an old policy to restore insurance cover," LIC said.