LIC Policy Revival

LIC Policy Revival

  • Check LIC Policy Lapsed Status
  • Process of LIC Policy Revival
  • LIC Policy Revival Scheme

LIC Policy Revival Process

Life Insurance Corporation of India offers various life insurance policies to accomplish the financial goals of the customers. Depending on their lifestyle and priorities, the customers can compare and choose a suitable type of life insurance plan from various categories, like LIC endowment plan, LIC whole life plan, LIC term plan, LIC money back plan, LIC pension plan, LIC ULIP plan, LIC group plan, etc. Just like other regular recharges, the customers need to pay premiums towards the life insurance plan at the specified premium payment term to gain defined benefits. However, unavoidable circumstances or day-to-day indulgences might lead to missing LIC premium payments on time.

Being one of the customer-centric life insurance companies in India, LIC provides a grace period for LIC premium renewal to restore the policy benefits. If the LIC policyholder doesn’t pay the LIC premiums within this grace period, the policy lapses and all the outstanding benefits terminate. Here’s the good news. You still have the opportunity to revive your LIC policy. This article discusses the LIC revival process in detail and the important schemes launched to help customers secure the benefits when needed.

What is Lapsed LIC Policy Revival?

LIC policy revival is the facility provided by LIC of India to help customers revive their lapsed LIC policies. Customers who have missed paying LIC premiums for a maximum of 5 years from the last premium payment date are only eligible for LIC policy revival. They can revive their lapsed LIC policies by paying the outstanding premium with the applicable late fee.

It is important to note that not all LIC policies are eligible for revival, and the LIC of India decides the revival terms and conditions.

Benefits of LIC Policy Revival

There might be certain reasons to buy a life insurance policy, but when a policy lapses, all the pre-defined and continuous benefits terminate, meaning you cannot avail of any LIC benefits. Let’s understand the consequences of lapsed LIC policy with an example.

Say an individual buys a term life insurance plan from LIC and pays premiums continuously for 3 years. Later on, due to some unavoidable circumstances, he forgot to pay its premiums even in the grace period provided. This leads to LIC policy lapse. After a few years, he had an accident and died on the spot. Since the policy was inactive, his nominee couldn’t claim any benefits as defined under the policy terms.

If he had revived his policy on time within 5 consecutive years from the first unpaid premium, his family members/nominee would not struggle. They could claim the necessary coverage when required.

The following are the benefits of LIC policy revival.

  • Restores all the policy benefits (death, maturity, survival) as defined in the LIC policy.
  • Helps in acquiring a loan once the policy acquires the surrender value.
  • Partial withdrawals are allowed to accomplish any financial urgencies depending on the type of the policy.
  • Avail of LIC tax benefits as applicable under the Income Tax Act.

Terms and Conditions of LIC Policy Revival Scheme

The Life Insurance Corporation of India (LIC of India) has launched a Special Revival Campaign from 23rd August 2021 to 22nd October 2021 to help policyholders revive their LIC policies under the defined terms and conditions from an approved satellite office.

  • For a total premium receivable amount of up to Rs. 1,00,000, LIC of India offers a 20% discount on late fines. The maximum discount amount cannot exceed Rs. 2,000.
  • For a total premium receivable amount ranging from Rs. 1-3 Lakhs, LIC of India offers a 25% discount on late fines. The maximum discount amount cannot exceed Rs. 2,500.
  • For an annual premium ranging from Rs. 3 Lakh and above, a concession of 30% can be availed on the late fee charged. The maximum concession can be up to Rs. 3,000.
  • The late charge concession only applies to the policyholders who pay all outstanding premium amounts with revival requirements.

Check LIC Policy Lapsed Status

You need to check your LIC policy status to know whether your LIC policy has lapsed and get further details about the time and total outstanding premium. This helps you know whether your policy is eligible for LIC revival or has expired. Below is a simple way of checking the LIC policy lapse status for registered and non-registered users.

For Non-Registered Users/ New Users

For a new user, the first step is to register on the customer-friendly LIC e-services website to use all the features of the LIC customer portal. Follow the given steps

  1. Visit the official website of LIC of India.
  2. Go to the ‘Login to Customer Portal’ option available on the left side of the home screen.
  3. Select ‘Don’t Have an Account? Sign Up’ option.
  4. Fill out all the required details like policy number, premium details, date of birth, email, PAN, gender, and passport number and click on ‘Proceed’.
  5. Create your User ID and password and get the confirmation by mail.
  6. Go to the login page and use the User ID and password to log in to the customer portal.
  7. You can check your policy status online and get all the details about lapse time.

For Registered Users

For a registered LIC user, the LIC login process is even easier by following the given steps.

  1. Visit the official website of LIC of India.
  2. Go to the ‘Login to Customer Portal’ option available on the left side of the home screen.
  3. Log in with your User ID/ email/ mobile number as preferred.
  4. After logging into the LIC customer portal, click on ‘policy status’. You can get all the due premium dates, lapsed policy status, unpaid premium quotes, and other key details here.

Steps for LIC Policy Revival

LIC policyholders can contact the LIC agent or the nearest LIC branch to restate the LIC policy and resume all the benefits. As a more convenient alternative, LIC customers can use LIC online services to track their LIC policy status and even pay the premiums or complete LIC revival from anywhere. Follow the given steps to complete LIC policy revival online.

  • Visit the official website of LIC of India.
  • Click on the ‘Pay Premium Online’ option on the home page.
  • On the next screen, click on the ‘Renewal Premium/ Revival’ option.
  • Click ‘Proceed’ on the next screen.
  • Provide the required details and submit.
  • You will see all the premium details with the late fees applicable.
  • Review and proceed with the LIC revival payment as per your preferred LIC premium payment mode.
  • After successful payment, your LIC policy revival process is completed, and all your LIC policy benefits are restored.

Factors to Consider During LIC Policy Revival

While reviving your LIC policy, you can consider the following factors.

  • Medical Records

    If the policyholder undergoes medical treatment or procedures, they must submit the documents to the LIC of India.

  • Penalties

    Depending upon the sum assured and premium due time, the LIC of India levies certain penalties for restating the LIC policies.

  • Extended Duration

    The policyholders can revive their life insurance policy within a specific time from the first unpaid premium. In case they fail to do so, their LIC policy will lapse, and all the benefits will be lost. They need to buy a new life insurance policy to gain the life insurance plan benefits.

  • Available Discounts

    LIC of India provides policyholders discounts and concessions while reviving LIC policy, depending on the LIC Policy Revival Schemes.

LIC Policy Revival Schemes

LIC of India continues to launch different LIC revival campaigns to make the revival of LIC policy online easier and effortless. If not possible online, the policyholders can download the LIC revival form from the official website and submit it to the nearest LIC branch.

Let’s discuss the different LIC revival campaigns.


Ordinary Revival

The revival of the LIC policy can be completed simply by the policyholder paying all the outstanding premium amount, including the interest, at once. The insured member should submit a declaration of good health and a medical report to complete the LIC policy revival.


Instalment Revival Scheme

The Instalment Revival Scheme is launched for those policyholders who cannot make premium payments in one lump sum but prefer LIC premium payments in instalments. The following conditions must be followed to benefit from the instalment revival scheme during the LIC revival.

  • There should be no outstanding loan amount under the policy.
  • No survival benefit should be due during the instalment paying period.
  • Child Deferred Assurance Policies/ LIC child plans can be revived only after the deferment period.
  • The policies under the salary saving scheme are not eligible for revival.

The instalment of premium due are to be made in the following manner

Mode of Premium Payment Required Premium Payment for Revival
Yearly Half of annual premium payment
Half-yearly Half of yearly premium payment
Quarterly Two quarter premium payment
Monthly Six month premium payment

The policyholder needs to pay the remaining premium payment in instalments within two years with the regular premium payment.


Loan Cum Revival Scheme

Under the Loan cum Revival Scheme, the policyholder is eligible to take a loan on the policy in case the policy has acquired a surrender value on the revival date. The following conditions apply

  • If the loan amount is not sufficient to cover the LIC policy revival amount, then the policyholder needs to pay the additional amount required.
  • If the loan amount is more than the revival amount, the policyholder receives the extra amount after deducing the premium and applicable interest.

Special Revival Scheme

The Special Revival Scheme benefits those policyholders who cannot pay the outstanding premium amount in a single go. Under this scheme, the policyholder can change the policy intimation date, and they need to pay a single premium amount as per their age to revive LIC policy. The policyholder must submit the Good Health Declaration Certificate and Medical Report. The following conditions should be fulfilled under the LIC Special Policy Revival scheme.

  • The plan can be revived only once during the policy term.
  • The original intimation date of the policy can be revived by a maximum of 2 years.
  • The lapse period should be between 6 months to 3 years from the last premium payment.
  • The scheme requires the policyholder to submit an application in writing to revive the LIC policy.

Survival Benefit Cum Revival Scheme

The Survival Benefit Scheme is applicable for reviving the LIC Money Back Plan. The following terms and conditions should be applicable to complete revival from LIC under Survival Benefit cum Revival Scheme.

  • This LIC revival campaign will be per the terms and conditions decided by the life insurance company, LIC of India, including the loan application.
  • The policyholder is required to submit the survival benefit discharge form with self-consent.

Final Words

LIC is one of the prominent life insurance companies in India, serving customers with affordable life insurance policies. The policyholders must make LIC premium payments on time to claim the benefits defined in the policy. However, the LIC policy lapses due to missed LIC premium payments. To restore the benefits, you need to revive the LIC policy on time, as LIC policy revival after 5 years isn’t allowed, and you may lose all the benefits. The policyholders can download the LIC revival form and submit it to the nearest LIC office. For convenience, the policyholder can log in to the LIC customer portal to use LIC e-services and complete the LIC revival online payment. For any inconvenience, connect with LIC customer service. In case you want to buy a new LIC policy, connect with a LIC life insurance agent to compare and buy a suitable life plan. Get a life insurance agent or LIC agent near you from RenewBuy Advisor Connect.