LIC Policy Revival Online – 5 Schemes to Revive Lapsed LIC Insurance Policy Online in 2025
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Missed to renew your LIC insurance policy? Here are 5 easy schemes to avail for reviving your lapsed policy online from the comfort of your home.
When you purchase a LIC policy, it is necessary to ensure that the policy remains active throughout its specific term. This is possible by paying the premium towards the policy on time, at regular intervals, as may be specified by the insurer during the time of policy purchase. In case you fail to make regular premium payments on time, your LIC insurance policy will lapse. This means that with a lapsed policy, you wouldn’t be able to enjoy its protection benefits anymore. In case your policy lapses, the only solution then is to revive it. Here we understand revive meaning and what it means in the context of a LIC insurance policy.
A lapsed LIC policy can lead to the loss of financial security and policy benefits. However, LIC provides five policy revival schemes to help policyholders restore their life insurance coverage. In this blog, we will explore how to revive a lapsed LIC policy online in 2025, the different revival schemes available, and their benefits.
What is the Meaning of LIC Policy Revival Online?
As stated above, if the policyholder fails to renew the purchased LIC insurance policy on time, the policy lapses, meaning it becomes inactive. In other words, the policyholder would no longer be able to enjoy the insurance benefits under the plan because it has now lapsed. The only option left with the policyholder in this case is to revive the lapsed policy.
Now in case the policyholder was not able to pay the premium amount towards maintenance of the policy on time or within the granted grace period by the insurer, the latter would then offer a two-year revival period to the insured. Within this period, the insured is required to initiate the process for the LIC policy revival of lapsed policy.
5 LIC Policy Revival Schemes in 2025
LIC offers various policy revival options based on your financial situation. Here’s a detailed comparison:
| Revival Scheme | Eligibility | Payment Method | Best For |
| Special Revival Scheme | Policy lapsed within 3 years | Pay a lump sum premium based on your current age | Those who can pay a one-time amount |
| Revival by Installment | Policy lapsed within 5 years | Pay in monthly, quarterly, half-yearly, or yearly installments | Those who need a flexible payment plan |
| Loan-Cum-Revival | Policy should have surrender value | Take a loan against surrender value to pay dues | Policyholders who need financial assistance |
| Survival Benefit-Cum-Revival | Policy must have survival benefits due | Use survival benefit amount to clear premiums | Those who have due survival benefits |
| Ordinary Revival | Policy lapsed within 5 years | Pay all overdue premiums with interest | Those who can pay full outstanding amount |
When is LIC Lapsed Policy Refund Possible?
Refund of lapsed policy is available under the various schemes offered by LIC, which are detailed in the above table. The policyholder is entitled to get their money back from the lapsed insurance policy by reviving the plan under any one of the above-mentioned schemes.
What is the LIC Renewal Payment for Lapsed Policy?
The insurer is entitled to charge a penalty or fine from the policyholder for the policy lapse during its revival process. The amount charged may depend on the sum assured under the policy as well as the time period after the lapse of the policy.
However, LIC also offers the policyholders several discounts and fee exemptions on the penalties charged for policy revival. These exemptions completely depend on LIC’s terms and conditions released from time to time.
Note that the LIC policy revival online payment can be made on the insurer’s portal after duly filling out and signing the LIC revival online form by the policyholder.
How to Revive Your LIC Policy Online?
LIC makes it easy to revive your lapsed policy online. Follow these steps:
- Visit the LIC website – Go to LIC’s official website
- Log in – Enter your policy number and details
- Go to ‘Policy Revival’ section – Check available revival schemes
- Select the right scheme – Choose the one that suits you best
- Make the payment – Pay outstanding premium online
- Receive confirmation – Once done, your policy will be active again
What do you mean by Surrender of LIC Policy?
Surrender of an LIC policy means opting out of the plan before the maturity of the plan. The value/money received at the time of surrendering a policy is called the surrender value of the LIC policy. Generally, the surrender value is calculated and is eligible only after completing 3 years of LIC policy or 3 years of paying premiums for a policy.
However, surrendering an LIC policy is not encouraged because the benefit received in terms of the surrender value is always low. Further, in case a policyholder surrenders the policy before the completion of 3 years, he/she will not receive any surrender value.
How is the LIC Policy Lapsed Without Surrender Value?
If the policyholder wishes to opt-out of a plan before it matures, it is known as policy surrender. In this case, the insurer provides an amount to the policyholder which is called LIC policy surrender value.
Under normal circumstances, the surrender value of a policy is computed by LIC only after regular premium payment by the policyholder for 3 years running. In case the policyholder chooses to surrender the plan before a term of 3 years, the insurer (LIC) is not liable to pay any surrender value to the insured.
This means that in case the policyholder failed to pay regular premium amount to LIC and the policy lapsed before the term of 3 years, it would be considered lapsed without surrender value.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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