At the beginning of 2026, the country’s largest insurance company, Life Insurance Corporation of India, announced significant relief and new opportunities for its policyholders. LIC has not only introduced the first insurance plan for 2026, but has also taken special steps for those whose policies have lapsed for some reason.
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LIC Jeevan Utsav Single Premium Scheme
LIC has introduced the LIC Jeevan Utsav Single Premium Scheme for its customers, which will be available for purchase from January 12, 2026. This scheme has been designed for those who want long-term insurance protection by paying a single premium. Under this scheme, policyholders will receive life insurance cover for their entire life with a single premium payment.
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Non-Linked and Non-Participating Plan
The LIC Jeevan Utsav Single Premium Scheme will be a non-linked and non-participating insurance plan. This means that the policy’s funds will not be affected by stock market fluctuations, and returns will be received according to pre-determined conditions. This plan will also provide a savings option along with protection, although details of its benefits, returns, and other rules are yet to be revealed.
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One-time investment, lifelong protection
The biggest feature of this new LIC plan is that policyholders will not have to worry about paying premiums repeatedly. With a single premium, this plan could prove attractive for those who want to combine financial planning with future security.
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Several important plans were launched in 2025
Last year, LIC introduced a variety of insurance plans aimed at covering customers with different needs. These included protection, pension, and savings plans, which offered policyholders a variety of options.
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Special Revival Campaign for Lapsed Policies
Along with the new plan, LIC has also provided relief to policyholders whose policies lapsed due to non-payment of premiums on time. The company has launched a special revival campaign from January 1, 2026, to March 2, 2026, under which non-linked and micro insurance plans can be revived.
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Late Fee Waiver
During this revival campaign, eligible policyholders will be offered a 30 percent discount on late fees. The maximum discount is set at ₹5,000. However, no exemptions will be granted for medical checkups or health-related requirements.
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Who Can Revive a Policy
Only those policies that have lapsed during the premium payment period and whose policy term has not yet been completed can be revived under this campaign. According to LIC, policies can be revived within five years from the date of the first premium due date.
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LIC’s Objective and Message
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LIC states that this campaign is for those who have been unable to pay premiums on time due to financial or other adverse circumstances. The company believes that maintaining insurance protection is very important; hence, reviving the policy instead of abandoning it may prove more beneficial for the policyholders.