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Life Insurance Corporation of India (LIC) has started a special policy revival campaign, through which you can easily reactivate your lapsed policy. When you do not pay the premium of the LIC policy on time, you get a chance to wait a little, which is called a grace period. For a policy with a monthly premium, it is 15 days, while it is one month for quarterly, half-yearly, or annual premiums.

If the premium is not paid even in this period, then your policy will be considered lapsed. The benefits available in such a policy, like maturity benefits, are lost. This campaign of LIC will start from August 18, 2025, and will run till October 17, 2025. During this time, you will get up to a 30% discount on late fees. Let us know every important thing about this campaign, which can help you restart your LIC policy.

How to revive the LIC policy?

To revive the policy, you have to pay the outstanding premium and the interest charged on it. As per LIC rules, if your policy has lapsed during the premium payment period and the entire policy term has not ended yet, then you can revive it. Under this recently launched campaign, you will also get up to 30% discount on delay charges, but note that the discount is only on the late fee, not on the outstanding premium.

Understand with an example.
Suppose you bought a 10-year LIC policy in December 2020, which had a premium payment period of 5 years. You did not pay the premium for 3 years after 2021, due to which the policy lapsed. Now, during this campaign, you can revive your policy. For example, if your annual premium is Rs 50,000 and the total outstanding premium is Rs 1,50,000, then you will have to pay Rs 24,554 as interest. But you can save some money because of the 30% discount on late fees.

How to check policy status?

You can log in to LIC's online portal or mobile app to check your LIC policy status. Click on 'Policy Status' to find out if your policy has lapsed or not.

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