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How to Revive LIC Policy


This article explains how to revive the lapsed insurance policy in case of failed in paying the premium. It is one of the most common problem for the policy holder, they may miss the due date for several reasons and tend to revive the policy later. It involves certain procedures and penalty for reviving the insurance policy. The intention of this article is to bring those important facts for our readers. Also, read our previous article on how to pay the premium online?.

Revive Insurance Policy

As we know that there is one month grace period for the insurance premium due. You have to pay the premium before end of the grace period to avoid the policy lapse.

  • If the premium paid with in six months, you can pay the premium with 8% interest to revive the policy before six months of time. It is applicable for those who paid the premium up to three years without fail.
  • If you can not pay the premium more than six months, there is more procedure to revive the policy. You can revive the policy with in four years. Follow the steps to revive the lapsed policy:
    • You have to pay the unpaid premiums with high interest rates 12-18% with Rs.500 penalty.
    • Take a medical check-up and submit to the insurance company. You will have to bear the cost for the medical check-up.
  • Once the period during which revival is possible is over, the contract is terminated and the fund value is paid to the insured after deducting charges.
  • If you have any lapsed policy, please revive it instead of taking the new policy. It cost lesser compare to taking the new policy.


The above points clearly explained the importance of paying the premium due on time. You can choose the best suitable payment mode for you to pay regularly. If you have online account, paying premium through online is much simpler. Hope you have enjoyed this article.

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