LIC : Life Insurance Corporation of India (LIC) has made a big announcement for those policyholders whose insurance policy has been discontinued due to non-payment of premiums on time. The corporation has launched a special revival campaign from 18 August to 17 October 2025. During this campaign, lakhs of customers will get a chance to revive their policy, that too with less late fee.
Why is it important to revive the policy
An insurance policy is not just a paper document but a guarantee of family protection. Oftentimes, the premium is not deposited on time due to personal reasons, financial difficulties, or by mistake. LIC usually gives a grace period of 15 to 30 days, but even after this, if the payment is not made, the policy lapses. In such a situation, the sum assured and all the facilities are stopped. This is the reason why the corporation has started this special campaign to give relief to the customers.
Big discount on late fees
This time, LIC has given the biggest relief to policyholders in the form of a discount on late fees. If a customer’s outstanding premium is up to one lakh rupees, then a discount of up to 20% will be given on the late fee, the maximum limit of which is two thousand rupees. On the other hand, if the outstanding amount is between one to three lakh rupees, then customers will get a discount of 25% and this discount will be limited to two and a half thousand rupees.
If the outstanding premium is more than three lakh rupees, then the corporation gives a discount of 30%, the maximum limit of which has been fixed at three thousand rupees. Not only this, but the late fee has been completely waived for micro insurance policies. This means that customers with small insurance plans will get the benefit of a 100% discount.
Terms of reviving the policy
Like every scheme, this special campaign also has some rules. The most important condition is that the policy can be revived within five years from the date when its premium was due. The second thing is that the maturity period of the policy should not be completed.
If a medical report or any other investigation is required to restart the policy, the policyholder will have to bear the cost themselves. This step has been taken so that the company can properly assess the risk before reissuing the insurance coverage.
Where and how will the policy be revived?
To activate the policy, the customer will have to pay his outstanding premium, interest on it, and the fixed late fee. For this, they can directly contact their LIC agent or go to the nearest LIC branch and complete the process. Apart from this, all the terms and conditions are also available on the official website of LIC India, so that people from rural and remote areas can also get information easily.
Trust and reach of LIC
LIC is the largest insurance company in the country and has been trusted by crores of Indian families for decades. The objective of this special campaign is to bring those customers under the ambit of insurance protection again, who could not pay the premium of the policy in between due to some reason. The corporation says that it wants that every customer and their family should not be deprived of life protection.
Why you should not miss this opportunity
The special revival campaign is for a limited time and will end on 17 October 2025. In such a situation, this is a golden opportunity for those whose policy has been discontinued to secure their future again by paying a minimum fee. If this opportunity is missed, then not only will you have to pay a higher late fee later, but in many cases, it will not be possible to restart the policy.