The country’s largest insurance company, Life Insurance Corporation of India (LIC), has launched its first policy for the year 2026. Along with this, it has taken another big decision. LIC has started a campaign to revive lapsed policies, which will restart the policies of lapsed policyholders.
To provide more benefits to the policyholders, the life insurance company has launched a new plan, called LIC Jeevan Utsav Single Premium Scheme. This policy will be available for purchase from January 12, 2026. This non-linked, non-cross-the-board insurance plan offers complete life cover along with savings. The premium for this scheme has to be paid only once in a lifetime.
📌 Also Read: Train Ticket Booking Rule Change: No Aadhaar Linking, No tickets from January 12
Although the complete details of the LIC Jeevan Utsav Single Premium Scheme are not yet available. Details about the benefits, returns and other terms and conditions of this plan are not yet revealed. However, it is certain that this plan will provide lifetime cover and savings benefits on paying a single premium.
These schemes were launched in 2025
Last year, LIC launched a series of schemes offering various benefits to policyholders. These schemes include LIC Protection Plus, LIC Bima Kavach, LIC Jan Suraksha Plan, LIC Bima Lakshmi Plan and LIC Smart Pension Plan.
📌 Also Read: ICICI Bank New Update: This Step Taken to Make Tax Payments Easier for Customers, Check Details
Promotion of lapsed policies
LIC has launched a special revival campaign for policies that have lapsed due to non-payment of premium. The campaign to revive non-linked and micro insurance plans will run from January 1, 2026 to March 2, 2026. Late fee waiver will also be offered to eligible policyholders.
According to LIC, late fees will be waived up to 30%, with a maximum discount of Rs 5,000. However, no waiver will be given for medical or health-related conditions. LIC also said that the policy can be revived within five years from the date of first premium payment.
📌 Also Read: RBI introduces new rules for banks, check out the new things Â
Who will be eligible to start the policy?
Only policies that have expired during the premium payment period and whose policy term has not yet expired will be eligible. LIC has launched this campaign targeting policyholders who have not been able to pay their premiums on time due to financial or other adverse circumstances. According to the company, it is important to keep the policy in force to get the full benefits of insurance. Therefore, reviving an old policy can be more profitable than abandoning it.