Has your LIC policy lapsed? If yes, then there is great news for you. Life Insurance Corporation (LIC) has started a special campaign for its policyholders, under which you can restart your lapsed policy. This campaign will run across the country from 18 August to 17 October 2025. Know how you can take advantage of this opportunity to revive your LIC policy, and what the special rules of this campaign are.
What is this special offer from LIC
Under this special campaign, LIC is giving a huge discount on the fee (late fee) charged on late payment of the premium. This discount will be given on the basis of the total outstanding amount of the premium of the policy, the maximum limit of which has been fixed at ₹ 5,000.
- If the total outstanding premium of your policy is up to ₹ 1 lakh, then you will get a discount of up to 25% on late fees, the maximum limit of which will be ₹ 2,500.
- There will also be a discount of up to 25% on outstanding premiums ranging from ₹ 1 lakh to ₹ 3 lakh, with a maximum limit of ₹ 3,000.
- And if your outstanding premium is more than ₹ 3 lakh, you can avail a discount of up to 30%, with a maximum limit of ₹ 3,500.
- The most important thing is that policyholders who have a micro insurance plan will be given a 100% waiver on late payment charges.
When does your policy lapse
If a policyholder is unable to pay the premium on time, his policy remains active for a grace period. This grace period is usually 15 to 30 days. But if the premium is not paid even after this period, the policy lapses.
What to do to revive the policy
To restart the lapsed policy, you will have to pay the outstanding premium and the interest charged on it. For this, you can contact your LIC agent, nearest branch, or customer service department. If necessary, you may also have to undergo some medical tests, the cost of which will have to be borne by the policyholder. The entire revival process will be as per the terms and conditions of the LIC policy.
Who will benefit from this campaign
This campaign will benefit those policyholders whose policy is within 5 years after it lapsed. Also, the premium payment period of the policy should not have been completed, and the policy should not have matured.
Why is this opportunity important for you
This campaign is for a limited time. LIC has taken this step for those people who were not able to pay the premium of their policy due to any financial or personal reason. With this campaign, the policy revival campaign gives you a golden opportunity to restart your policy, which will restore your insurance cover. It strengthens the financial security of you and your family. For more information, you can visit the LIC website www.licindia.in.