Revival Of Lapsed LIC Policy: How To Get Your Money Back

Life Insurance Corporation of India (LIC) is a public sector enterprise that has created a mark for itself in the insurance marketplace. Established over 100 years ago, LIC is one of the most prominent insurance companies in India that has an unparalleled trust of the customers throughout the country.

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold
Why we need your mobile number?
We need it to confirm more details about you and advise accordingly. Our licensed experts work for you, not the insurance companies, so their advice is entirely unbiased
— No sales pitches here

LIC specializes in serving different insurance plans to their customers depending on the need such as investment plans, saving plans, health plans, child plans, and many more.

In this article, you will get to know how you can revive your lapsed LIC Insurance Policy and how you can get your money back.

How To Revive Lapsed LIC Policies

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy.

A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required. One can easily get their money back from lapsed LIC policy by reviving it.

How To Get Money Back From Lapsed LIC Policy?

One can get money-back from lapsed LIC policy only by reviving it. The revival of LIC Insurance policy can be done in 5 ways:

  1. Ordinary Revival

    The policyholder can revive their lapsed life insurance policy by paying all the unpaid premiums including the interests altogether.

    However, sometimes the policyholder is asked for some medical reports under Form 680 for the revival of the LIC policy.

  2. Special Revival

    Under special revival, the intimation date of the policyholder can be change 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
  3. Installment Revival

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

    • In yearly premium mode, half of the yearly premium needs to be paid by the policyholder
    • In half-yearly premium mode, one half of the yearly premium needs to be paid by the policyholder
    • In quarterly premium mode, 2 quarterly payment needs 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.

  4. 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.

  5. 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 opt-out of the policy, whereas policy lapses due to many other reasons like not having money to pay for premiums.

What Is Surrender Of LIC Policy?

When you opt-out of a policy before its maturity, then it is called surrendering of the policy, and the amount that you receive at the time is LIC policy surrender value. Normally, with a regular policy, the LIC policy surrender value can be calculated only after the policyholder has paid the premiums continuously for 3 years. However, surrender of policy is not recommended since the LIC surrender value will always be subsequently low. Also in the case of surrender before 3 years, no surrender value is offered.


The revival of your LIC insurance policy provides an option to extend the coverage, as the insurers cannot decline the revival of your life insurance policy because the option of the revival of a lapsed policy is always present in the original policy document.

One can easily get their money back from lapsed LIC policy by reviving it.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-

LIC of India
LIC Plans
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2023
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2023
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans
Download the Policybazaar app
to manage all your insurance needs.