In a significant move aimed at providing relief to policyholders, the Life Insurance Corporation of India (LIC) has rolled out a special two-month campaign focused on reviving individual insurance policies that have lapsed. This initiative is designed to help customers restore their crucial life cover by offering financial concessions on outstanding late fees.
Campaign Details and Eligibility
The revival drive is scheduled to run for a precise period, from January 1 to March 2, 2026. This window provides a clear opportunity for policyholders to take action. The campaign is applicable to all non-linked insurance plans that have lapsed during their premium-paying term but have not yet completed their full policy term.
To make the revival process more accessible, LIC is offering a very attractive financial incentive. Eligible policies can avail a concession of up to 30 per cent on the applicable late fee. This concession is capped at a maximum amount of Rs 5,000. In an even more beneficial step for holders of smaller policies, LIC has announced a 100 per cent waiver of the late fee for all micro insurance policies. This full waiver is intended to facilitate the affordable restoration of essential risk cover for those who need it most.
Important Conditions and Clarifications
While the fee concessions are substantial, LIC has clarified certain conditions. The corporation has explicitly stated that there will be no concessions or waivers on the standard medical or health requirements that are typically part of the policy revival process. All other standard revival procedures and checks will remain in place.
The primary motivation behind this campaign, as stated by LIC, is to benefit policyholders who, due to unforeseen or unfavourable circumstances, were unable to pay their premiums on time. The corporation emphasized that for policyholders to receive the full insurance benefits they originally signed up for, it is imperative that policies are kept in force and not allowed to lapse.
Why Reviving Your LIC Policy is Crucial
LIC's statement underscored the importance of maintaining continuous insurance protection. "It is always advisable to revive an old policy and restore insurance cover," the company advised. Highlighting its customer-centric approach, LIC added, "LIC values its policyholders and their desire to stay protected for the well-being of their family members."
This campaign serves as a timely reminder for millions of Indians to review their insurance portfolio. A lapsed policy means a loss of financial security for dependents. By taking advantage of this limited-period offer, policyholders can reinstate their life cover, often under more favourable terms than purchasing a new policy, which might come at a higher cost due to increased age. Policyholders are encouraged to contact their LIC agent or branch to check their eligibility and proceed with the revival before the campaign concludes on March 2, 2026.
