The Life Insurance Corporation of India (LIC) has launched a special campaign to revive lapsed policies, offering attractive concessions on late fees. The campaign, which will run from August 18 to October 17, 2025, aims to encourage policyholders to restore their insurance cover. Under this campaign, policyholders can revive their lapsed policies within five years from the date of the first unpaid premium, subject to satisfying the policy terms and conditions.
The concession on late fees is quite significant, with policyholders eligible for a concession of up to 30% of the late fee, with a maximum amount of Rs 5,000. Additionally, there is a 100% waiver of late fees for Micro Insurance Policies, making it easier for policyholders to restore their risk cover. However, it’s worth noting that there are no concessions on medical or health requirements, and policyholders will still need to meet these requirements to revive their policies.
The campaign is designed to benefit policyholders who were unable to pay premiums on time due to unfavorable circumstances. LIC emphasizes the importance of keeping policies in force to get the full insurance benefit and is encouraging policyholders to revive their old policies to restore their insurance cover. By reviving their policies, policyholders can ensure that they and their family members remain protected.
LIC values its policyholders and wants to support them in staying protected. The company believes that it’s always advisable to revive an old policy and restore insurance cover, rather than letting it lapse. With this campaign, LIC is providing an opportunity for policyholders to reinstate their policies and get back on track with their insurance coverage. Policyholders can take advantage of this campaign to revive their lapsed policies and ensure that they have the protection they need for themselves and their loved ones.