(Kiran News). Life Insurance Corporation of India (LIC) has launched a special ‘Special Revival Campaign’, under which policyholders can restart their lapsed policies with a discount on late fees. This campaign is active from 18 August to 17 October 2025.
Golden Opportunity to Revive Lapsed Policy
If you are unable to pay your premium on time, your insurance policy gets discontinued. Generally, insurance companies offer a grace period of 15 to 30 days for premium payment. If the premium is not deposited during this period, the policy lapses. To provide relief to such policyholders who could not pay their premium due to personal or financial reasons, LIC has launched this special scheme.
Big Discount on Late Fees
Under this scheme, LIC is providing a significant discount on late fees for policy revival. If your outstanding premium is up to ₹1 lakh, you will get a 20% discount (up to a maximum of ₹2,000) on the late fee. For outstanding premiums between ₹1 lakh and ₹3 lakh, a 25% discount (maximum ₹2,500) is offered.
For outstanding premiums above ₹3 lakh, a discount of up to 30% (maximum ₹3,000) on the late fee will be available. Additionally, a 100% discount on late fees is being provided for the micro insurance plan.
Conditions for Reviving the Policy
There are some important conditions for restarting your policy. The first condition is that you can revive your policy only within 5 years from the date of the first outstanding premium. The second condition is that the maturity period of your lapsed policy should not be completed. LIC has also clarified that if any medical or other report is required to restart the policy, the policyholder will have to bear the cost.
How and Where to Revive Your Policy
To revive your LIC policy, you need to pay the outstanding premium along with the late fee and applicable interest. For this, you can contact your LIC agent or visit any LIC branch directly. All terms and conditions for policy revival are also available on the official LIC India website. LIC, being the largest insurance company in the country, ensures that policyholders can avail the benefits of this scheme even in remote areas.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment