Revival Of Lapsed LIC Policy

LIC offers a revival option for lapsed policies, allowing individuals to revive their financial security. When unforeseen circumstances lead to the lapse of a policy, LIC's revival option provides a systematic approach to reinstate financial security, benefits, and peace of mind.

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How To Revive Lapsed LIC Policies

Below is the LIC Policy revival process. Have a look:

Revived Lapsed LIC Policy Revived Lapsed LIC Policy

Benefits of Reviving a Lapsed LIC Policy:

  1. Financial Security:

    The primary benefit of reviving a lapsed LIC policy is the restoration of financial security. Life insurance provides a safety net for loved ones in the event of the policyholder's demise. By reviving the policy, individuals can ensure that their family members are protected financially.

  2. Savings Accumulation:

    LIC policies often come with savings or investment components. Reviving a lapsed policy allows policyholders to continue building on the accumulated savings or investment value, contributing to their long-term financial goals.

  3. Avoiding Loss of Benefits:

    Lapsed policies may result in the loss of benefits such as bonuses or riders attached to the original policy. Reviving the policy ensures that policyholders retain these benefits, maximizing the value of their insurance coverage.

  4. No Need for a New Policy:

    Instead of purchasing a new policy, reviving a lapsed LIC policy allows individuals to maintain continuity in their coverage. This can be especially beneficial if the policyholder's health has changed since the initial purchase, as new policies may come with higher premiums.

  5. Policy Loans and Surrender Value:

    Reviving a lapsed policy also preserves any policy loans or surrender value that may have accrued over the years. Surrendering policy results in the loss of these benefits, making revival a more financially sound option.

  6. Tax Benefits:

    Life insurance premiums are eligible for tax benefits under Section 80C of the Income Tax Act. By reviving a lapsed policy, policyholders can continue to avail of these tax benefits, contributing to their overall financial planning.

LIC Revival Schemes

  • Ordinary Revival
    The policyholder can revive their lapsed life insurance policy by paying all the unpaid premiums, including the interests.
    However, sometimes, the policyholder is asked for some medical reports under Form 680 for the revival of the LIC policy.

  • Special Revival
    Under special revival, the intimation date of the policyholder can be changed and the insured shall pay only one due premium according to their age during revival.
    A special revival scheme can be availed if the insured person is unable to pay the premium in a lump sum. Sometimes the policyholder is asked for some medical reports under Form 680 for the revival of the LIC policy. Conditions under the special revival of LIC policy are:

    • It can be used only once in the entire tenure of the policy

    • Insured can avail of the special revival offer only within 3 years of the lapsed policy

    • Surrender value is not acquired under the policy. Therefore, the special revival option can be implemented within 3 years of the commencement date of the policy

  • Installment Revival
    An installment revival scheme is especially for those policyholders who are unable to pay the premiums of their LIC policy in a single go and wish to pay in installments. Under this scheme, the policy can be revived by paying the amount in the following ways.

    • The policyholder must pay half of the yearly premium in yearly premium mode.

    • In half-yearly premium mode, one-half of the yearly premium needs to be paid by the policyholder.

    • In quarterly premium mode, 2 quarterly payments need to be paid by the policyholder.

    • In monthly premium mode, a regular 6 monthly premium needs to be paid by the policyholder.

  • The rest of the due premium is to be paid by the insured in equal installments within 2 years along with the regular premium as per the tenure of the policy.

  • Survival Benefits Cum-Revival Scheme
    If the survival benefit due date comes earlier than the inline for renewal date, then the insured person can avail survival benefit to revive the policy.
    However, the policyholder will have to pay the excess amount in case the revival amount is more than the survival benefit. In the same way, if the revival amount is less than the survival benefit, then the rest of the remaining amount is paid back to the insured person.

  • Loan Cum Revival Scheme
    Under this scheme, the policy can be revived by the policyholder by taking a loan if, on the date of revival, the policy acquires a surrender value.
    The insured person will have to pay the additional amount in case there is any deficit in the revival amount. If the loan amount is more than the revival amount, than the extra amount will be paid to the insured person.
    The lapsed policy is different from the surrendering policy. Under surrendering of policy, the policyholder himself opts out of the policy, whereas policy lapses due to many other reasons like not having money to pay for premiums.

Wrapping It Up

Reviving a lapsed LIC policy is a financial lifeline for individuals who may have faced challenges in maintaining their premium payments. It not only reinstates the financial security provided by the policy but also allows policyholders to continue building on the benefits and values associated with their LIC policy coverage. 


  • Q: What is the LIC policy revival process?

    Ans: The LIC policy revival process involves reinstating a lapsed policy by paying the outstanding premiums, any accumulated interest, and fulfilling necessary requirements such as a health declaration or medical examination.
  • Q: What is the LIC policy renewal process online?

    Ans: LIC policy renewal online is a convenient way to extend the coverage of an active policy. Policyholders can log in to the official LIC website, navigate to the renewal section, and follow the online renewal process by providing the required details and making the payment.
  • Q: What is the LIC policy revival time?

    Ans: The LIC policy revival time refers to the duration within which a lapsed policy can be revived. This period varies depending on the policy type. It's important to be aware of this timeframe and initiate the revival process promptly to avoid permanent policy loss.
  • Q: Can I renew my LIC policy online?

    Ans: Yes, LIC offers online renewal options for policyholders. Through the official LIC website, policyholders can renew their policies by providing necessary details, making online payments, and ensuring timely continuation of coverage.
  • Q: How can I renew my LIC policy online?

    Ans: To renew your LIC policy online, visit the official LIC website, log in to your account, and navigate the renewal section. Follow the prompts to provide required details, choose the renewal plan, and make the payment securely online.
  • Q: Is LIC policy revival available online?

    Ans: Yes, LIC policy revival can be initiated online. Policyholders can visit the official LIC website, log in to their accounts, and follow the steps outlined for the online revival process. This allows for a streamlined and convenient experience.
  • Q: Are there any special offers for LIC policy revival?

    Ans: LIC may announce special offers or revival campaigns periodically to incentivize policyholders to reinstate lapsed policies. These offers could include reduced interest rates, waived penalties, or other concessions. It's advisable to check for any ongoing offers during the revival process.
  • Q: What documents are required for LIC policy revival online?

    Ans: The specific documents required for LIC policy revival online may vary based on the policy type and the duration of the lapse. Generally, policyholders may need to provide the policy details, a revival application, and any health-related documents as specified.

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