LIC Policy Revival: What Happens When You Miss a Premium
What a lapsed LIC policy means, the grace period, and how the revival process generally works.
The Grace Period
LIC generally allows a grace period after a premium due date — commonly around 15 days for monthly premiums and around 30 days for other modes, though exact periods depend on your specific plan's terms — during which the policy remains fully in force even though the premium hasn't been paid yet.
What "Lapsed" Means
If the premium remains unpaid after the grace period, the policy typically lapses — the life cover and other benefits stop being active, though some plans retain a reduced paid-up value depending on how many years' premiums were already paid.
The Revival Process
- Confirm the exact lapse date and total outstanding premium (with interest, as applicable) with the servicing branch or your agent.
- Submit a revival request, typically including a health/continued-insurability declaration.
- Depending on how long the policy has lapsed and the sum assured, LIC may require medical tests.
- Once approved by LIC's underwriting team, pay the outstanding dues to complete the revival.
Why Reviving Is Often Better Than Buying Fresh
A revived policy generally keeps its original terms — including the premium rate locked in at your original entry age. Letting the policy lapse permanently and buying a new one instead means paying at your current (typically higher) age and losing any bonuses or benefits already built up.
Frequently Asked Questions
LIC specifies a revival period from the first unpaid premium — commonly a few years, but the exact window depends on your specific plan. Check your policy document or ask your agent.
Not always — this depends on how long the policy has lapsed and the sum assured; shorter lapses may only need a declaration of good health.
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