The Life Insurance Corporation of India (LIC) has introduced a special campaign to revive lapsed insurance policies. The campaign, which runs from August 18, 2025, to October 17, 2025, aims to benefit policyholders who were unable to pay premiums on time due to unfavorable circumstances. As part of this initiative, LIC is offering concessions of up to 30% on late fees for non-linked insurance plans.
The concession on late fees is subject to a maximum amount of ₹5,000, with varying amounts based on the total receivable premium (TRP). For policies with a TRP of up to ₹1 lakh, the maximum concession is ₹3,000, while those with a TRP between ₹1,00,001 and ₹3 lakh can receive a concession of up to ₹4,000. Policies with a TRP of ₹3,00,001 and above are eligible for the full ₹5,000 concession. Additionally, micro insurance plans are eligible for a 100% concession on late fees.
Policyholders can revive their lapsed policies within 5 years from the date of the first unpaid premium, provided they satisfy the policy terms and conditions. This campaign is an opportunity for policyholders to restore their insurance coverage and avoid gaps in their policy. It is essential for policyholders to keep their policies in force to receive the full insurance benefit.
The LIC has emphasized that there are no concessions on medical or health requirements, and policyholders must meet these requirements to revive their policies. The campaign is designed to support policyholders who have faced difficulties in paying their premiums on time, and the LIC encourages them to take advantage of this opportunity to revive their policies and maintain their insurance coverage. By reviving their policies, policyholders can ensure that they and their loved ones remain protected in case of unforeseen events.