Archive · 30 Jun 2025
LIC Policyholders: How to Revive Missed Premium Policies
If you miss an LIC premium payment, don't worry, you still have time.
There's a short grace period.
If you don't pay by then, your policy pauses.
But, you can restart it within a few years!
You can pay back what you missed, possibly with extra fees.
There are different ways to do it, like paying all at once, using a loan, or paying in parts.
Sometimes, LIC offers special deals to help you.
Just visit a branch or talk to an agent to get started.
Missing an LIC premium payment results in a grace period before policy lapse.
Grace periods are 15 days for monthly payments and 30 days for others.
After the grace period, the policy lapses, suspending benefits.
Policies can be revived within 2-5 years through various methods.
Methods include ordinary, special, loan-cum-revival, installment, and revival campaigns.
- Who
- LIC policyholders
- What
- LIC policyholders can reactivate lapsed policies.
- When
- As of June 30, 2025
- Where
- Nearest LIC branch
- Why
- To retain policy benefits after missing premium payments.
- Grace Period (Monthly Payments)
- 15 days
- Grace Period (Other Payments)
- 30 days
- Revival Timeframe
- 2-5 years
- Revival Methods
- Ordinary, Special, Loan-cum-Revival, Instalment, Campaigns
- Required at Revival
- Missed premiums and interest, potentially health declarations