India’s largest and most trusted insurance company, Life Insurance Corporation of India (LIC), has taken a significant decision to provide relief to its millions of policyholders. LIC has announced the launch of a two-month special campaign to revive lapsed individual insurance policies. This campaign will run from January 1, 2026, to March 2, 2026, during which policyholders will receive special concessions on late payment fees.
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This move by LIC is considered highly beneficial for customers who, due to financial or personal difficulties, were unable to pay their premiums on time, resulting in their policies lapsing.
Non-Linked Policies Get a Chance for Revival
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According to information released by LIC, this special campaign will apply to all eligible non-linked insurance plans. This means that policies that are not linked to market-based investments can be revived under this scheme. However, Unit Linked Insurance Plans (ULIPs) will not be included in this campaign.
Up to 30 Percent Discount on Late Fees
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The company has clarified that a maximum discount of up to 30 percent will be offered on late payment fees under this revival campaign. This discount will be limited to a maximum of Rs. 5,000. This means that policyholders who had a heavy burden of late fees can now get significant relief and revive their policies at a lower cost.
Complete Waiver for Micro Insurance Policyholders
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LIC has provided significant relief specifically to policyholders under micro insurance schemes. Late payment fees will be completely waived for these policies. The aim is to provide risk cover to low-income groups and strengthen social security.
Which Policies Can Be Revived?
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This campaign will apply to policies that lapsed during the premium payment period and whose policy term has not yet expired. However, LIC has also clarified that no special concessions will be given on medical or health-related conditions. This means that the necessary medical conditions will remain applicable as before.
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Why is it important to keep your policy active?
LIC says that keeping your insurance policy active is crucial, as only then can the policyholder and their family receive complete insurance coverage and other benefits. This campaign is a second chance for those who missed premium payments due to unforeseen circumstances.