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Steps To Revive LIC Lapsed Policy

Updated On Sep 29, 2023

Life insurance is an important tool that safeguards you and your family against any unforeseen mishap that may happen at any point in time. It shields you financially and helps you accomplish all your life goals. Similar to other monthly and yearly recharges, you must renew your life insurance policy on time. However, if you miss renewing it, the LIC policy will lapse, and the only option is to revive it. 

In simple terms, a lapsed LIC policy is a condition under which the policyholders fail to pay the premium before the due date and within a grace period. The benefits of a life insurance policy will therefore not be available to the policyholders during that time. Therefore, life insurance companies provide a two-year revival period to renew a lapsed LIC policy. 

Steps To Revive LIC Lapsed Policy

Different Schemes To Revive the LIC Policy

The Life Insurance Corporation of India (LIC) offers a variety of revival schemes to help people renew their life insurance policies like LIC Jeevan Labh. Listed below are the various ways to renew lapsed LIC policies. 

  • Special Revival Scheme:

The intimation date of the insured can be changed under this scheme. The policyholders can pay a single premium, depending on the age of the policy at the time of renewal. The following conditions must be satisfied by the policyholders if they want to renew their lapsed LIC policy under a special revival scheme. 

  1. Policyholders can revive their policies only once during the policy period. 
  2.  LIC lapsed policy may only be revived if it hasn’t expired for less than six months or for more than three years as of the date of renewal. 
  3. The insured must submit a written request for the revival of the policy. 
  4. The original commencement date of the policy is shifted by the maximum two-year period to revive the policy under this scheme. 
  5. Policy preparation charges and stamp fees have to be borne by the policyholders under money back plan.
  6. The difference between old and new premiums along with the interest as of the date of revival will be charged by the life insurance company.
  • Survival Benefit Cum Revival Scheme: 

Through this LIC lapsed policy revival scheme, the policyholders can renew their money-back plans. Some of the conditions to revive policy under this scheme are outlined below. 

  1. Revival procedures will be according to the terms and conditions pertaining to that time period, including loan application. 
  2. Survival benefit discharge form along with self-consent must be submitted by the policyholders to revive the policy. 
  • Instalment Revival Scheme: 

Policyholders who are unable to pay their premiums in full may opt to pay in instalments through this renewal scheme. Here are some conditions that must be satisfied by the insured. 

  1. No outstanding loan on the policy must be there during the revival. 
  2. At the time of the instalment payment period, the survival benefit should not be due. 
  3. Children deferred insurance policies can be revived through this method after the deferment period. 
  4. Life insurance policies issued under salary savings schemes cannot be revived through this method. 
  • Loan Cum Revival Scheme: 

The policyholders can take out loans to revive their life insurance policies if the policies acquire surrender value on the date of revival. Listed below are some of the requirements to be satisfied to revive lapsed LIC policies under this scheme. 

  1. The difference will be paid by the policyholder in case the loan amount is not sufficient to cover the arrears of the premium. 
  2. The life assured will be paid the remaining balance after adjusting the premium and interest. 

Steps To Revive LIC Lapsed Policy

Below are the steps that you need to follow to revive your lapsed LIC policy. 

  • Browse the official website of LIC India. 
  • Download the policy revival form. 
  • Duly fill and submit it along with the accrued premium amount and late fee to the LIC office. 

In addition to the above, the policyholders can also contact their LIC insurance agent to revive their lapsed policy. 

Factors To Consider While Reviving LIC Lapsed Insurance Policy 

Listed below are the parameters that you must consider while doing your LIC policy revival. 

  • Medical Records: If the policyholder is undergoing any medical treatment or has a history of any critical illness, they may have to submit medical reports and documents to the insurance provider. 
  • Extended Duration: The insured can revive their lapsed insurance policy only for a certain time duration starting from the lapse of the policy date. If the policyholders fail to do so, they may have to purchase a new life insurance policy and all the benefits of the existing plan would be lost. 
  • Discounts and Concessions: LIC of India has launched various programs that provide discount and fee concessions to the policyholders on reviving their lapsed insurance policy. However, prevailing terms and conditions may be applied. 
  • Substantial Penalties: The life insurance company may impose certain fines and penalties for non-renewal of the policy at due time. The fine may depend on the sum assured amount and lapse policy time duration. 


LIC is one of the prominent life insurance companies in India. The excellence in providing services is one of the benefits of purchasing insurance from LIC. In case the policyholders fail to pay their premium before the due date and during the grace period, they can revive their LIC lapsed policy. Simply, you can either visit the branch office or download the policy revival form from the official website of LIC to renew your life insurance policy.

Also Read: 

Max Life Smart Plus Plan: Why Should You Buy This Term Insurance?

Which Critical Illnesses Are Covered Under the ICICI Pru iProtect Smart Plan?



This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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