LIC of India campaign to revive policies lapsed for over 5 years

For the first time in its history the LIC has offered to revive ‘policies lapsed for more than five years’.

The LIC has given advertisements on Sunday in almost all newspapers in this regard. This scheme is open for the period from January 19 to February 28.

This website has reported on December 24 last that 5.91 crore life insurance policies had been discontinued by the insurer due to non-payments of premiums by the policy holders during last seven years (2000-01 to 2006-07).

These were the policies which could not be revived under the norms of LIC.

ATTENTION: Policy holders of Rohini Branch i.e. 12H may contact following advisor for help to revive there LIC policies

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For details feel free to contact
Tarun Bansal
Insurance Advisor
LIC of India
tarun.lic@gmail.com

LIC India Credit Card

Life Insurance Corporation of India (LIC India) has said that it will enter into a joint venture for the launch of its credit card business, the Business Standard has said. The credit card will be launched during the first week of September 2008, which was previously scheduled for March 1, 2008.

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According to Life Insurance Corporation of India (LIC of India), the joint venture company will be named LIC Card Services and the company will be set up in keeping with RBI regulations. According to RBI regulations, the new company has to be registered before it enters into the credit card business. The company is also in talks with Visa and Mastercard as either of them would be the payment gateway.

A major share of the stake in the joint venture would be owned by LIC which would be about 40% and the rest 30-35% would be owned by GE Money. In September 2007, LIC had signed agreements with GE Money India, Corporation Bank, LIC Housing Finance and LIC Mutual Fund to start a new credit card company, but nothing could materialize as it had to improve its software facilities.

The company said that it is improving its networks so that it can support the marketing of the card and is planning to offer unsecured loans against the card.