LIC launches special campaign to revive lapsed policies

Insurance behemoth Life Insurance Corporation of India (LIC) on Monday announced the launch of a month-long campaign for revival of individual lapsed policies.

This special drive, to be carried out from August 18 to October 17, 2025, is extended to all non-linked policies with very attractive concession in late fee.

Concession is being offered in late fee for all Non-Linked Insurance Plans up to 30 per cent of late fee up to a maximum amount of Rs 5,000 if eligible for revival under the scheme, LIC said in a statement.

There is a 100 per cent waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover, it said.

Under this Special Revival Campaign, policies can be revived within 5 years from date of the first unpaid premium subject to satisfying the policy terms and conditions, it said.

Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign.

There are no concessions on medical/health requirements, it said.

The campaign is launched for the benefit of policyholders who were not able to pay premiums on time due to any unfavourable circumstances and policies must be kept in force to get full insurance benefit, the statement added.

“It is always advisable to revive an old policy and restore insurance cover. LIC values its policyholders and their desire to stay protected for the well-being of their family members,” it said.