LIC Policy Revival- Big news for LIC policy holders. There is good news for the customers of the country’s largest insurance company Life Insurance Corporation of India. If any of your LIC policies has lapsed, you can pay its premium along with the late fine. After paying the premium of the LIC policy, the health benefits associated with the policy will start.
Life Insurance Corporation of India (LIC) has recently announced a Special Revival Campaign. The aim of this campaign is to help people in restoring the lapsed insurance policies. This campaign will run from 18 August to 17 October 2025 and will be applicable to eligible individual policies. Under this initiative, LIC is offering up to 30% discount on late fees based on the premium amount, with a maximum limit of Rs 5,000. Meanwhile, 100% discount will be provided on late fees for micro insurance plans.
When does an insurance policy expire?
Insurance policies expire when premiums are not paid on time. Policyholders have to pay a fixed premium either on the due date or within a grace period. The grace period is usually 15 to 30 days. If the premium is not paid even during this grace period, the policy lapses.
How to reinstate the policy?
Policies can be restored by paying the outstanding premium along with interest on late payment.
Restoration is subject to compliance with the terms and conditions of the policy, proof of continued insurability and payment of all outstanding amounts along with interest rates as determined by LIC.
Policyholders can initiate restoration by contacting their LIC agent, visiting the branch or by contacting the customer service department.
Any medical or special reports required for restoration will have to be arranged by the policyholder and he will bear the cost of the same.
LIC’s campaign
Policies can be revived within 5 years from the first due premium date, subject to the terms and conditions of the policy. During this period, only those policies are eligible for revival which are in the premium payment period and have not matured. LIC has clarified that normal medical and health requirements will continue to apply, that too without any exemptions.
The insurance company further said that this campaign has been launched to help those customers who have missed payments due to financial or personal challenges. LIC said that it is important to keep the policies in force to enjoy all the benefits of insurance. Revival of old policies restores the cover and strengthens the financial security of families. For more information about this campaign, customers can visit www.licindia.in or contact LIC Central Office in Mumbai.