LIC Policy Revival
Life Insurance Corporation of India (LIC) has started a special policy revival campaign, so that you can easily activate your lapse policy again. When you do not give the premium of LIC policy on time, then you get a chance to wait a little, which is called a grace period. It is 15 days for a monthly premium policy, while it is a month on quarter, half -yearly or annual premium.
If the premium is not given even during this period, then your policy laps will be considered eliminated. Maturity benefits like benefits in such policy are over. This campaign of LIC will start from August 18, 2025 and will run till October 17, 2025. During this time you will get a discount of up to 30% on late fees. Let us know every important thing about this campaign which can help you re -start your LIC policy.
How to revive LIC policy?
To re -activate the policy review, you have to pay the outstanding premium and interest on it. According to LIC’s rules, if your policy is lapsed during the premium payment period and the entire policy period is not over yet, you can revive it. Under this recently launched campaign, there will also be a discount of up to 30% on the delay charge, but note that the discount is only at the late fee, not on the outstanding premium.
Understand by example
Suppose you bought a 10 -year LIC policy in December 2020, which had a premium payment period of 5 years. You did not give 3 years premium after 2021, causing policy lapses. Now during this campaign, you can revive your policy. For example, if your annual premium is Rs 50,000 and the outstanding premium is a total of Rs 1,50,000, then you have to pay Rs 24,554 as interest. But due to 30% discount on late fee, you can save some amount.
How to check policy status?
You can login to LIC’s online portal or mobile app to know the status of your LIC policy. Click on ‘Policy Status’ there and find out whether your policy is lapsed or not.