LIC Premium Payment Late Fee Calculator

LIC of India charges an extra fee, if you miss the due premium date. This fee is added to the regular premium once you cross the grace period and the policy lapses. You have to pay the delayed LIC premium along with the late fees when you want to revive the policy again. The LIC late fee calculator will help you calculate this extra amount charged for policy revival.

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What Is the Grace Period for LIC Policies?

From the first unpaid premium, LIC of India offers 30 days during which you can pay off the delayed amount. This is the grace period. For monthly premium payments, the grace period is limited to 15 days only. If you make the delayed premium payment during this period, you won’t be charged an extra fee. If, however, you cannot pay off the amount within this period, LIC will charge a late fee to revive the lapsed policy.

LIC Revival Period Considered by The LIC Premium Payment Late Fee Calculator

This tool calculates the late fee based on when the policy is being revived. 

  • If a policy is revived after 30 days to 1 month 14 days, the calculator considers this a delay of 1 month. 

  • If a policy is revived after 1 month 15 days to 2 months 14 days, the calculator considers this a delay of 2 months. 

  • If a policy is revived after 2 months 15 days to 3 months 14 days, the calculator considers this a delay of 3 months. 

  • If a policy is revived after 3 months 15 days to 4 months 14 days, the calculator considers this a delay of 4 months, and so on. 

As of now, the late payment charge for LIC premiums is 9.5%. 

How to Calculate The Late Payment Fees for LIC Premiums?

The LIC Premium Payment Late Fee Calculator considers the following factors to give you an estimate of the total late fee charged - 

  • Date of 1st unpaid premium

  • Date of revival

  • Premium amount

  • Mode of premium payment

  • Total premium due

  • Current interest rate

Sample Late Fee Calculation Using the LIC Premium Payment Late Fee Calculator

Say that you stopped paying premiums for your LIC policy on 5th July 2021 and want to revive it on 5th July 2022. Take the following example - 

  • Premium payment mode - Monthly

  • Monthly premium - Rs.10,000

  • Lapse period - 1 year

  • Interest rate - 9.5%


  • Number of installments pending - 13

  • Total premium due - 13*10000 - Rs.1,30,000

  • Late premium fee @9.5% - Rs.6,175

  • Total revival amount - Rs.1,36,175

The LIC policy revival scheme should be studied in detail so your revival is smooth. Further, it is advisable to revive a policy as getting a new one will charge you higher premiums based on your age and health conditions.


  • What are the late payment charges for LIC premiums?

    Rate of Late Fee  Months Delayed
    1st month 2nd month 3rd month
    6% 0.005 0.01 0.015
    7.5% 0.00625 0.0125 0.01875
    9.5% 0.00792 0.01583 0.02375
  • What does happen if I pay LIC premium late?

    Ans. If you have crossed the grace period, you will be charged a late payment fee at an interest rate of 9.5% on the delayed premium. 
  • Can the late fee on premiums be paid online?

    Ans. Yes, you can register to LIC’s online portal to revive your policy. 
  • Can I renew my LIC plan after not paying premiums for 5 years?

    Ans. Yes, LIC policies can be revived anytime within 5 years. You have to pay the total unpaid premium amount along with the interest.
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