LIC Launches Jeevan Utsav Single Premium Plan, Can Lapsed Policies Be Revived With Concessions?

Mumbai: Life Insurance Corporation of India (LIC) has started the year 2026 with a fresh insurance initiative. LIC will launch its new product, LIC Jeevan Utsav Single Premium, for sale starting January 12, 2026. The plan is a non-linked, non-par, individual savings plan that offers whole life coverage, combining long-term protection with savings benefits.

The product is designed for individuals looking for a one-time premium payment while securing life-long coverage. It follows LIC’s recent trend of launching innovative insurance solutions, such as LIC Protection Plus, LIC Bima Kavach, LIC Jan Surakshan, LIC Bima Lakshmi, and LIC Smart Pension Plan last year.

Special Campaign to Revive Lapsed Policies

Alongside the new product, LIC has also launched a campaign to help policyholders revive lapsed insurance policies. The campaign is active from January 1, 2026, to March 2, 2026 and is aimed at individual lapsed non-linked and micro insurance plans.

LIC is offering financial concessions for revival, including up to 30 percent off the late fee, capped at Rs 5,000 for eligible policies. The company emphasised that there will be no concessions on medical or health requirements for revival.

Eligibility and Terms

Policies that can be revived are those within five years from the first unpaid premium, provided they meet the terms and conditions of the policy. Only policies that lapsed during the premium-paying term and have not yet completed their term are eligible. LIC stressed that keeping a policy in force is important to ensure full insurance benefits.

Reason Behind the Campaign

LIC explained that the campaign is aimed at policyholders who could not pay premiums on time due to unfavorable circumstances. The initiative provides an opportunity to restore coverage and retain the insurance benefits of older policies. Reviving a lapsed policy allows policyholders to continue enjoying financial protection without losing accumulated benefits.