LIC Big Announcement: There is big news for policyholders. LIC has made a big announcement which can benefit you.
LIC Big Announcement: Life Insurance Corporation of India (LIC) has recently announced a Special Revival Campaign. The aim of this campaign is to help people in restoring the lapsed insurance policies. This campaign will run from 18 August to 17 October 2025 and will be applicable to eligible individual policies. Under this initiative, LIC is offering up to 30% discount on late fees based on the premium amount, with a maximum limit of Rs 5,000. Meanwhile, 100% discount will be provided on late fees for micro insurance plans.
When does an insurance policy expire?
Insurance policies expire when the premium is not paid on time. Policyholders have to pay a fixed premium either on the due date or within the grace period. The grace period is usually 15 to 30 days. If the premium is not paid even during this grace period, the policy lapses.
How to reinstate a policy?
Policies can be reinstated by paying the outstanding premiums along with interest on late payment.
Reinstatement is subject to the terms and conditions of the policy, proof of continued insurability and payment of all outstanding amounts along with interest rate as prescribed by LIC.
Policyholders can initiate reinstatement by contacting their LIC agent, visiting a branch or contacting the customer service department.
Any medical or special reports required for reinstatement will have to be arranged by the policyholder and the cost of the same will be borne by him.
LIC’s campaign
Subject to the terms and conditions of the policy, policies can be reinstated within 5 years from the first due premium date. During this period, only those policies are eligible for reinstatement which are in the premium payment period and have not matured. LIC has clarified that normal medical and health requirements will continue to apply, that too without any exemption.
The insurance company further said that this campaign has been started to help those customers who have missed payments due to financial or personal challenges. LIC said that it is important to keep the policies in force to enjoy all the benefits of insurance. Reinstating the old policy restores the cover and strengthens the financial security of the families. For more information about this campaign, customers can visit www.licindia.in or contact the LIC Central Office in Mumbai.
