LIC Policy Revival Campaign: Revive Your Lapsed Policy by October 17 With Up to 30% Late Fee Waiver

The Life Insurance Corporation of India (LIC) has launched a special policy revival campaign to provide relief to policyholders whose policies have lapsed due to non-payment of premiums. The campaign, which began on August 18, 2025, will run until October 17, 2025, offering customers a golden opportunity to reactivate their policies and continue their insurance cover.

One of the biggest attractions of this revival drive is the late fee concession of up to 30%, giving financial relief to policyholders who had missed premium deadlines.

Which Policies Can Be Revived?

According to LIC, the campaign applies to non-linked individual policies that have lapsed within the last five years. Policies eligible for revival include:

• Lapsed during the premium payment term.

• Still within the overall policy term.

• Lapsed due to non-payment of premium even after the grace period (15 or 30 days, depending on the mode of payment).

Once a policy lapses, the benefits are discontinued. This campaign allows such policyholders to bring their plans back into force.

What Will Policyholders Need to Pay?

To revive a lapsed policy, policyholders must clear:

• Outstanding premiums for the unpaid period.

• Accrued interest, which is calculated on a half-yearly compounding basis.

For example:

• If the annual premium is ₹50,000 and three years are unpaid, the outstanding amount would be ₹1,50,000.

• Adding interest (at approx. 9.5%) of ₹24,554, the total payable to revive the policy would be around ₹1,74,554.

Late Fee Concession Slabs

As part of this special drive, LIC is offering waivers on late fees up to 30%, depending on the premium amount:

• Policies with annual premium up to ₹1 lakh – Maximum waiver of ₹3,000.

• Policies with annual premium between ₹1–3 lakh – Maximum waiver of ₹4,000.

• Policies with annual premium above ₹3 lakh – Maximum waiver of ₹5,000.

• Micro insurance plans – 100% waiver on late fees.

It is important to note that the waiver applies only on late fees. Policyholders still need to pay the pending premium and any required medical test charges.

Why This Campaign Matters

LIC runs such revival campaigns periodically to help customers who may have missed payments due to financial stress, oversight, or other reasons. A lapsed policy means loss of life cover and associated benefits, leaving families financially vulnerable.

By reviving policies during this limited window, policyholders not only save on late fees but also restore their insurance protection without having to buy a fresh policy, which may otherwise require higher premiums due to age or health changes.

Final Deadline: October 17, 2025

The last date to take advantage of this revival campaign is October 17, 2025. Policyholders are advised not to wait until the final days, as revival may involve completing formalities like medical check-ups in some cases.

This initiative is especially useful for those holding long-term policies such as endowment plans, money-back plans, and micro insurance, ensuring they can continue enjoying benefits without financial strain.

Bottom Line

The LIC policy revival campaign (Aug 18 – Oct 17, 2025) offers lapsed policyholders a chance to reinstate their insurance coverage with up to 30% waiver on late fees. By clearing pending premiums and interest, customers can avoid losing long-term protection and financial security for their families.

With the final date approaching fast, policyholders are encouraged to act promptly and reconnect with their LIC branch or agent to initiate the revival process.