LIC Launches Two-Month Revival Campaign For Lapsed Policies With 30% Late Fee Waiver

New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) on Friday announced the launch of a two-month-long campaign for the revival of individual lapsed policies. This special drive, to be carried out from January 1 to March 2, 2026, is extended to all non-linked policies with a very attractive concession in late fee.

Concession is being offered in late fee for all non-linked insurance plans up to 30 per cent of the late fee, up to a maximum amount of Rs 5,000, if eligible for revival, LIC said in a statement. There is a 100 per cent waiver of late fee for micro insurance policies to facilitate affordable restoration of risk cover, it said. Policies which are in a lapsed condition during the premium-paying term and not completed policy term are eligible to be revived in this campaign, it said.

There are no concessions on medical/health requirements, it said. The campaign is launched for the benefit of policyholders who were not able to pay premiums on time due to any unfavourable circumstances, it said. Policies must be kept in force to get full insurance benefits, it said. "It is always advisable to revive an old policy and restore insurance cover. LIC values its policyholders and their desire to stay protected for the well-being of their family members," it said. 

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