LIC Policy Revival Scheme 2026

LIC offers various options for LIC Policy Revival, allowing policyholders to restore their coverage and continue enjoying the benefits associated with their plans.

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What is the LIC Policy Revival Scheme 2026?

The LIC Policy Revival Scheme 2026 is a facility offered by LIC that allows policyholders to reinstate a lapsed policy by paying the overdue premiums along with applicable interest and fulfilling the prescribed revival conditions. Through the LIC Policy Revival Scheme, eligible policyholders can restore their life insurance coverage, accumulated bonuses, riders, and other policy benefits without purchasing a new policy. Depending on the policy type and the duration of the lapse, LIC may also offer special revival options or limited-period revival campaigns with relaxed conditions. Reviving a policy under this scheme helps maintain long-term financial protection and continuity of insurance coverage.

Do You Know?

LIC ran a Special Revival Campaign for individual lapsed policies from January 1, 2026, to March 2, 2026. The campaign targeted non-linked plans and policies within 5 years of the First Unpaid Premium, offering up to a 30% discount on late fees (capped at ₹5,000) and a 100% waiver for micro-insurance plans

How To Revive Lapsed LIC Policies?

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

• Payment of Outstanding Premiums: The first step in the LIC policy revival process is to clear all outstanding premiums. This includes the overdue premiums for the lapsed period. Timely payment is essential for LIC Policy Revival and helps ensure the successful online revival of LIC policy, allowing the policy to be brought back into force with its benefits restored.

• Submission of Revival Application: Once the outstanding premiums are paid and any necessary health declarations are completed, policyholders must submit a revival application for LIC Policy Revival. Those opting for LIC Policy Revival Online can submit the required details through LIC's official portal, wherever applicable. The application generally includes the policy number, the reason for the lapse, relevant health information, and any Documents Required for LIC Policy Revival.

• Approval and Issuance: After reviewing the application and verifying that all eligibility conditions are met, LIC completes the LIC Policy Revival Process and approves the LIC Revival Policy request. Once approved, the Online Revival of LIC Policy or offline revival is successfully processed, the policy is reinstated, and the policyholder receives confirmation that the LIC Revival has been completed.

Benefits of Reviving a Lapsed LIC Policy:

• Financial Security: The primary benefit of LIC Policy Revival is the restoration of financial security. Life insurance provides a safety net for loved ones in the event of the policyholder's demise. By completing the LIC Revival Process, individuals can ensure that their family members remain financially protected.

• Savings Accumulation: LIC policies often come with savings or investment components. Reviving a lapsed policy through LIC Revival Policy allows policyholders to continue building on the accumulated savings or investment value, making the Online Revival of LIC Policy beneficial for long-term financial goals.

• Avoiding Loss of Benefits: Lapsed policies may result in the loss of benefits such as bonuses or riders attached to the original policy. Completing LIC Policy Revival Online helps policyholders retain these benefits, while LIC Revival restores the policy to its active status.

• No Need for a New Policy: Instead of purchasing a new policy, reviving a lapsed LIC policy through LIC Policy Revival allows individuals to maintain continuity in their coverage. Choosing “Revive LIC Policy” options can also help avoid higher premiums that may apply to a new policy.

• Policy Loans and Surrender Value: Reviving a lapsed policy also preserves any policy loans or surrender value that may have accrued over the years. Understanding the revival meaning in LIC helps policyholders make informed decisions, while a LIC revival policy ensures these benefits remain intact.

• Tax Benefits: Life insurance premiums are eligible for tax benefits under Section 80C of the Income Tax Act. By opting for LIC Policy Revival, policyholders can continue enjoying these deductions, and LIC Premium Revival ensures uninterrupted eligibility for applicable tax benefits.

LIC Revival Schemes

Ordinary Revival
Under the LIC Revival Scheme, the policyholder can complete LIC Policy Revival by paying all the unpaid premiums along with the applicable interest. This is the most common method to Revive LIC Policy and restore all eligible policy benefits. However, depending on the policy terms and the duration of the lapse, the policyholder may be required to submit medical reports under Form 680 before the LIC Revival Policy is approved.

Special Revival
Under the LIC Special Revival Scheme, the intimation date of the policyholder can be changed and the insured shall pay only one due premium according to their age during revival.
An LIC Special Revival Campaign can be availed if the insured person is unable to pay the premium in a lump sum. In certain cases, medical reports under Form 680 may also be required before the LIC Policy Revival is approved. 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 due date for renewal, the insured person can use the survival benefit amount to complete the LIC Policy Revival. This option helps facilitate the Online Revival of LIC Policy or offline revival by adjusting the survival benefit against the revival amount. However, if the Revival Amount of LIC Policy is more than the survival benefit, the policyholder must pay the difference. Similarly, if the revival amount is lower than the survival benefit, the remaining balance is paid back to the insured person.

Loan Cum Revival Scheme
Under this LIC Revival Scheme, the policyholder can complete LIC Revival by taking a loan against the policy, provided it has acquired a surrender value on the date of revival. If there is any shortfall between the loan amount and the LIC Revival Payment, the insured person must pay the additional amount. If the loan amount exceeds the revival amount, the remaining balance is paid to the policyholder. This LIC Revival Policy option is useful for individuals who want to restore their coverage without making the full payment from their own funds.

LIC Lapse is different from surrendering it. A lapsed LIC policy occurs when premiums are not paid on time, whereas surrendering a policy means the policyholder voluntarily terminates the policy. In many cases, a lapsed policy can still be revived, subject to LIC's revival conditions.

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 policy's financial security and allows policyholders to continue building on the benefits and values associated with their LIC policy coverage.

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