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How to revive your lapsed LIC policy? (online and offline method)

It is extremely important for a policyholder to make timely premium payments towards his or her insurance policy. If the due premium is not paid, the policy stands to be lapsed, and the coverage and protection extended by the insurance policy stands to be terminated.

Generally, insurance companies provide a 15-day grace period from the due date for policyholders to make premium payments. If the policyholder pays his premium within the grace period, the policy will not be terminated, but if the policyholder fails to make a payment even within the grace period, the insurance policy will be terminated.

There are rare instances where you may have missed paying your LIC policy premium even during the grace period. This will lead to your LIC policy getting lapsed. The question is, can you revive your lapsed LIC policy? The answer is “Yes,” your lapsed LIC policy can be revived.

We will talk about the various ways on how your policy can be revived. Stay tuned.

Your lapsed LIC policy can be revived via an online as well as an offline method. Let us discuss both cases below.

Online method

Let us go through the steps that need to be followed in order to revive your LIC policy online:

Step 1: Visit the LIC website

Once you visit the official LIC website, click on “Login to Customer Portal”

LIC website
LIC website

Step 2: Click on “New User”

LIC new user
Click on LIC “new user”

Click on “New User”. Once you click on “New User,” you will be redirected to a page that will ask you to fill in your details.

Step 3: Fill in your details

LIC account creation page
LIC account creation page

Here you will need to fill in the following important details such as:

  • Policy number
  • Date of birth
  • Country code
  • Mobile number
  • Email ID
  • Gender

Once filled, click on “Proceed”

Step 4: Login to your new LIC account

Once you click on “Proceed”, you will be redirected to a page that will prompt you to enter your desired user ID and password. Select your desired user ID and password and login to your new LIC account.

Step 5: Revive your old policy

  • You will now need to navigate to the “Revival Quotation” section by clicking on “My Apps” through your LIC e-services portal.
  • Once you reach the “Revival Quotation” section, click on it.
  • Once clicked, LIC will show you a list of all of your lapsed policies.
  • Click on the policy you wish to revive and make the premium payment.

Your lapsed LIC policy will be revived post premium payment.

Offline method

Your lapsed policy can even be revived offline as well. Let us discuss about the steps needed to review your LIC policy via the offline method.

Step 1: Visit your nearest LIC branch

Locate your nearest LIC branch here, and visit them personally with the policy documents and your original identification.

Step 2: Furnish them with the copy of the lapsed policy

Once in the LIC office, kindly ask the officer to direct you to the policy revival section. Now you will need to furnish your policy document and photo ID to the officer.

Step 3: Fill-up the revival form

Ask for the policy revival form, and fill it up accurately.

Step 4: Make payment and revive policy

Once the form is filled and appropriate documents are furnished to the officer, you will be required to make the premium payment which was due along with any penalty amount.

Step 5: Your policy is revived

Post payment, your lapsed policy will be revived.

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Frequently asked questions

  • Can I revive my lapsed LIC policy online?

    Yes, LIC offers the option of reviving your lapsed LIC policy online through the official LIC portal.

  • Will I have to pay a penalty to revive my LIC policy?

    Yes, the policyholder will have to pay all the missed premiums along with a penalty amount levied by LIC.

  • What is the penalty amount while reviving my lapsed LIC policy?

    The penalty amount is 8-9% on unpaid premiums.

  • Till when can I revive my lapsed LIC policy?

    Your lapsed LIC policy can be revived between 6 months to 5 years from the date of lapse of policy. Different policies have different time period. Kindly check with an LIC officer to verify the time period. 

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