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Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) has given a double gift to crores of its customers in the beginning of the year 2026. The country's largest insurance company has not only announced the launch of a brand new 'Jeevan Utsav Single Premium' plan, but has also prepared a plan to revive the lapsed policies.

LIC is continuously strengthening its product portfolio. In this series, the company has introduced a new insurance plan named 'LIC Jeevan Utsav Single Premium'. This plan will be available for sale to the general public from January 12, 2026. According to the information given to the stock market, it is a non-linked, non-participating, individual savings and whole life insurance plan.

This plan has been designed for those who want to avoid the hassle of paying premiums again and again and want to enjoy lifelong protection and savings by investing once. It is worth noting that last year also LIC had launched many products in the market like 'Bima Kavach', 'Jan Suraksha' and 'Smart Pension Plan', but 'Jeevan Utsav' is a big one in the single premium category.

Chance to restart closed policy

Often, due to financial constraints or some mistake, people are not able to pay the premium on time and their policy 'lapses' i.e. gets closed. In such a situation, the policyholder is deprived of insurance protection. Understanding this problem, LIC has started a special 'Revival Campaign'. This campaign has started from January 1, 2026 and will continue till March 2, 2026.

During this time, if any of your individual policies has been discontinued due to non-payment of premium, you can restart it with huge discounts. LIC says that this campaign has been brought to help those policyholders who could not pay the premium due to adverse circumstances. Reviving an old policy is always considered better than buying a new policy because in this you get the full benefits of the old bonus and coverage.

Huge discount is available in late fees

The biggest attraction of this campaign is the discount in 'late fees'. LIC has given this relief on non-linked and micro insurance plans. If you revive your policy under this campaign, you can get up to 30% discount on late fees. This discount is divided into three categories.

1. If your outstanding premium is up to Rs 1 lakh, you will get 30% discount on late fees (maximum Rs 3,000).
2. There is also a 30% discount on premiums ranging from Rs 1 lakh to Rs 3 lakh, but the maximum limit here is Rs 4,000.
3. Maximum rebate up to Rs 5,000 will be given on premium of Rs 3 lakh and above.

The special thing is that 100% i.e. complete exemption has been given in late fees for micro insurance plans. That means it is a big help for poor and middle class families.

Your policy will be restarted on these conditions

LIC has clarified that not every discontinued policy can be started under this campaign. Only those policies can be revived whose policy has lapsed during the premium payment period and the policy term has not been completed. Apart from this, the policy can be revived only within 5 years from the date of first unpaid premium. However, the company has also made it clear that no relaxation will be given in medical or health related requirements. That means, if medical test is necessary for policy revival, then you will have to get it done.