Can LIC revival be done online?
✅ Yes, a lapsed Life Insurance Corporation of India (LIC) policy can be revived online through the LIC Customer Portal.
💡 Online Revival Requirements
- Time limit: Within 5 years from the first unpaid premium date.
- Eligibility: Registered Premier Services user on the LIC portal.
- Health proof: Aadhaar-based e-Signed Declaration of Good Health (DGH).
- Financials: Payment of all pending premiums plus interest and late fees.
🗓️ Step-by-Step Online Process
- Log in: Access your account on the LIC Customer Portal.
- Select option: Choose 'Online Revival with DGH'.
- View policy: Select your eligible lapsed policy from the displayed list.
- Submit health details: Complete and e-Sign the Declaration of Good Health.
- Pay dues: Pay the total calculated arrears, interest, and fees online via net banking, UPI, or card.
Is it possible to revive a LIC policy online?
Yes, it is possible to revive a lapsed Life Insurance Corporation of India (LIC) policy online within five years of the first unpaid premium.
How to Revive an LIC Policy Online
- Go to the Life Insurance Corporation of India official website.
- Log in to the LIC Customer Portal or use the direct online payment link.
- Navigate to the online renewal and revival section.
- Enter your policy details to view the total pending premiums, late fees, and accumulated interest.
- Complete the payment securely using net banking, UPI, or a debit/credit card.
Important Conditions
- Health Declaration: Depending on how long the policy has lapsed and your age, you may still need to submit a declaration of good health or undergo a medical examination as part of the underwriting process.
- Approval: The revival only takes effect once LIC officially approves the request and issues a revival receipt.
How many times can a LIC policy be revived?
There is no official limit on the number of times a Life Insurance Corporation of India (LIC) policy can be revived during its overall tenure. You can let a policy lapse and revive it multiple times, provided you satisfy the necessary conditions each time.
Instead of a limit on the frequency of revivals, LIC strictly enforces limits on the timeline and conditions for each individual revival:
Key Rules for Revival
- The 5-Year Window: A lapsed policy can generally be revived within 5 consecutive years from the date of the First Unpaid Premium (FUP). If this 5-year window closes, the policy cannot be revived normally.
- Policy Status: The revival must be completed before the policy matures and while the life assured is still alive.
- Cost: Every time you revive the policy, you must pay all accumulated overdue premiums along with interest/late fee penalties.
- Health & Underwriting: Depending on how long the policy has been lapsed and the sum assured, LIC may require a Declaration of Good Health (Form 680) or new medical check-ups to prove insurability. If health conditions have worsened severely, LIC reserves the right to reject the revival or load the premium.
Special Revival Campaigns
LIC regularly runs Special Revival Campaigns (such as the ones held in late 2025 and early 2026). During these promotional windows, policyholders can reinstate their policies while enjoying up to 30% off late fees (capped at ₹3,000 to ₹5,000 depending on premium amounts) or a 100% waiver for micro-insurance plans.
Can lapsed policy revival scheme 2026?
You can check details and status updates regarding the LIC Lapsed Policy Revival Scheme which offered special late fee concessions for eligible policies earlier in the year.
Scheme Overview
- Provider: Life Insurance Corporation of India (LIC)
- Campaign Period: January 1, 2026, to March 2, 2026 (concluded)
- Eligibility: Non-linked individual policies within 5 years of the first unpaid premium during the premium-paying term.
Key Benefits Offered
- Late Fee Concessions: Up to a 30% discount on late fees for non-linked plans (capped at ₹3,000 for premiums up to ₹1,00,000; ₹4,000 for ₹1,00,001–3,00,000; and ₹5,000 for ₹3,00,001 and above).
- Micro Insurance: 100% full late fee waiver.
- Exclusions: No concessions applied to medical or health requirements.
Can I revive a lapsed policy?
Yes, you can usually revive a lapsed life insurance policy within a specific time frame, typically 2 to 5 years from the date of your first unpaid premium.
Steps to Revive a Policy
- Contact your insurer: Reach out via customer service, log into your online portal, or visit a local branch.
- Pay overdue amounts: Clear all missed premiums, plus any accumulated interest and late penalties.
- Submit health documents: Provide a signed declaration of good health or undergo a medical exam if the lapse has lasted a long time.
- Wait for approval: The insurance company must review and approve the request before your coverage turns back on.
• Revive Lapsed LIC Policy Online | Quick and Easy Step-by-Step Guide 🔥🔥🔥
What happens if my LIC policy is lapsed?
When your LIC Policy Guidelines lapse, your life cover stops, and you lose claim benefits and accumulated bonuses.
⚠️ Immediate Consequences
- Loss of Cover: Death or maturity claims will not be paid.
- Forfeited Bonuses: Your policy stops earning future bonuses.
- No Tax Benefits: Deductions under Section 80C or 10(10D) stop.
💡 Your Options
- Revival: Restore full benefits by paying dues with interest within 5 years.
- Paid-Up Conversion: Keep a reduced sum assured if premiums were paid for 3+ years.
- Surrender: Exit the policy for a payout if surrender value is applicable.
Can you reopen a lapsed life insurance policy?
Yes, you can usually reinstate a lapsed life insurance policy if you act within a specific timeframe, typically two to five years after the lapse.
You can review the detailed steps and requirements outlined by Western & Southern to understand how the process works.
Requirements to Reinstate
- Pay overdue amounts: You must pay all unpaid premiums plus any accrued interest and late fees.
- Prove insurability: You must submit a health questionnaire or application confirming your health has not changed.
- Undergo medical review: Depending on how long the policy has been lapsed, the insurer may require a medical exam or updated medical records.
Why Reinstate?
- Keep original rates: Reinstatement lets you keep your original pricing and terms from when you first bought the policy, which is often cheaper than buying a new one.
- Avoid new waiting periods: You maintain the progress you made on the policy's standard contestability and suicide clauses.
How much will I get if I surrender my LIC policy after 10 years?
You will receive the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV), which is typically a portion of the premiums you paid plus any accrued bonuses, but it is almost always less than the total amount you paid.
How the Payout is Calculated
LIC calculates your surrender value using two main methods and pays whichever amount is higher:
- Guaranteed Surrender Value (GSV): This is the basic minimum amount guaranteed by your policy. It is generally calculated as a specific percentage of the total premiums you paid (excluding the first-year premium and any extra rider costs), multiplied by a GSV factor based on how long your policy has run. It may also include a percentage of any vested bonuses.
- Special Surrender Value (SSV): This is a non-guaranteed amount calculated by LIC that usually offers a better return than the GSV. It is based on a "paid-up value" (the reduced sum assured based on how many premiums you actually paid versus how many you were supposed to pay) plus accumulated bonuses, multiplied by an SSV factor.
Because exact factors and bonuses depend entirely on your specific plan type, age, sum assured, and premium amount, there is no single fixed number for a 10-year period. Most users on Quora agree that surrendering early results in a payout lower than your total principal paid.
Documents Needed to Surrender
If you decide to proceed with surrendering your policy, you will need to submit:
- Surrender Discharge Form (Form 5074)
- Original policy document
- PAN card and Aadhaar card (ID proof)
- NEFT mandate form and a cancelled cheque for direct bank transfer
What is the new LIC policy for 2026?
Life Insurance Corporation of India (LIC) recently introduced several new policies in 2026, most notably LIC's Bima Platinum and Jeevan Raksha launched for its 70th anniversary.
Recent 2026 LIC Plan Launches
- LIC's Bima Platinum (Plan 770): A savings-oriented plan offering guaranteed additions and financial protection. Available starting September 7, 2026.
- LIC's Jeevan Raksha (Plan 894): A pure-risk protection plan designed to secure families with risk coverage against unexpected death. Available starting September 7, 2026.
- LIC's New Jeevan Sathi (Single & Limited Premium): Joint life savings and protection plans for spouses, launched in June 2026.
- LIC's Jeevan Utsav Single Premium (Plan 883): A whole-life savings plan launched in January 2026 providing guaranteed lifelong income and risk cover.
What is the grace period for renewing an LIC premium?
The grace period for Life Insurance Corporation of India (LIC) premium payments is 15 days for monthly payment modes and 30 days (one month) for quarterly, half-yearly, and yearly modes.
Grace Period Rules
- No Penalty: You pay no extra fees or interest if you clear the dues inside this window.
- Active Coverage: Your policy and risk cover remain fully active during this time.
- Death Claims: If the insured passes away during the grace period, the full sum assured is paid out minus the unpaid premium.
What Happens After the Grace Period?
- Lapse: If you miss the deadline, the policy lapses and benefits stop.
- Revival: You can revive a lapsed policy within a set period (often up to 5 years) by paying overdue amounts with interest and proof of health.