LIC Policy Revival Campaign: According to the information given by LIC, those policies which are within 5 years from the date of non-payment of first premium and whose policy term has not been completed yet, can be revived.
LIC Policy Revival Campaign: Life Insurance Corporation of India (LIC) has given a big relief to its policyholders. Actually, the government insurance company has started a special policy revival campaign. Under this campaign, policyholders can restart their lapsed policy. This campaign has started from Monday 18 August 2025, while it will run till 17 October 2025. During this period, people who have personal and non-linked insurance policy can take advantage of it. The most important thing about this campaign is that a 30 percent discount is being given on late fees. This can be a great opportunity for those policyholders who had stopped paying the premium for some reason and are now planning to restart it.
Which policies can be revived?
According to the information given by LIC, those policies which are within 5 years from the date of non-payment of first premium and whose policy term has not been completed yet, can be revived. Understand with an example: Suppose you bought an individual, non-market linked policy with a term of 10 years in December 2020, in which premium had to be paid for 5 years. But after 2021, you did not pay the premium for 3 consecutive years. Due to this your policy lapsed. But this policy lapsed during the premium payment period (5 years) and its 10-year term has not been completed yet. In such a situation, you can revive it again under this scheme.
When does the policy lapse and what is the grace period
Let us tell you that if you do not pay the premium by the due date, then the policy does not lapse immediately. Insurance companies give you extra time to pay the premium. This time is called the grace period. If you do not pay the premium even during this grace period, then the company starts charging late fees and interest. At the same time, if the premium is not paid in the grace period, the policy lapses. It should be known that for policies paying premium every month, the grace period is of 15 days, while for quarterly and half-yearly it is of 30 days.
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