Life Insurance Corporation of India (LIC) has launched a special ‘Special Revival Campaign’, under which you can restart your lapsed policy with a discount on late fees. This opportunity is available from 18 August to 17 October 2025.
Golden opportunity to revive lapsed policy
If you are unable to pay the premium on time, your insurance policy will be discontinued. However, insurance companies usually give a grace period of 15 to 30 days to deposit the premium. If the premium is not paid even during this period, the policy lapses. Given this problem, LIC has launched this special scheme to provide relief to those policyholders who were not able to pay the premium of their policy due to any personal or financial reason.
A bumper discount is being given on late fees
Under this scheme, LIC is giving a big discount on late fees on reviving the policy. If your outstanding premium is up to ₹ 1 lakh, then you will get a discount of up to 20% (maximum ₹ 2,000) in late fees. A discount of 25% is being given on outstanding premiums from ₹ 1 lakh to ₹ 3 lakh, the maximum limit of which is ₹ 2,500.
At the same time, if the outstanding premium is more than ₹ 3 lakh, then a discount of up to 30% (maximum ₹ 3,000) will be given on late fees. Apart from this, a tremendous benefit of a 100% discount on late fees is being given on the micro insurance plan.
What are the conditions for reviving the policy
It is necessary to fulfill some important conditions to restart your policy. The first condition is that you can revive your policy only within 5 years from the date of the first outstanding premium. The second condition is that the maturity period of your lapsed policy should not have been completed. LIC has also clarified that if any medical or other report is required to restart the policy, then the policyholder will have to bear the cost.
How and where to revive your policy
To revive your LIC policy, you will have to pay the outstanding premium along with the late fee and interest charged on it. For this, you can contact your LIC agent or directly visit any LIC branch. All the terms and conditions for reviving the policy are also available on the official website of LIC India. LIC is the largest insurance company in the country, and it ensures that its policyholders can avail themselves of the benefits of this scheme even in remote areas of the country.