LIC launches special revival campaign for lapsed policies

Mumbai, Aug 19: The Life Insurance Corporation of India (LIC) has announced a nationwide special revival campaign for lapsed individual policies, offering policyholders an opportunity to restore their insurance cover with attractive concessions on late fees. The campaign will run from August 18 to October 17, 2025.

A statement said that under the scheme, eligible non-linked insurance policies can be revived within five years from the date of the first unpaid premium, provided they meet the terms and conditions of the policy. The campaign covers policies that are in a lapsed condition during their premium-paying term and have not yet reached maturity.

LIC has offered a concession of up to 30 percent on late fees, subject to a maximum of Rs 5,000. For policies with total receivable premium up to Rs 1,00,000, the maximum concession allowed is Rs 3,000. For those between Rs 1,00,001 and Rs 3,00,000, the concession goes up to Rs 4,000, while for premiums of Rs 3,00,001 and above, the ceiling is Rs 5,000. Micro-insurance plans will receive a complete waiver of late fees.