LIC Policy Revival Assistance in Kharadi
A lapsed policy isn't necessarily a lost policy. Many LIC policies can be revived within the period allowed in their terms, so that cover and benefits are restored. I help people in Kharadi check whether revival may be possible and prepare what LIC usually asks for.
To check revival, share
- Policy number
- Date of the first unpaid premium
- Your current health status, honestly
- Whether you've had any hospital stays since
How LIC Policy Revival Generally Works
When a premium isn't paid within the grace period, the policy lapses. Depending on the plan and how many premiums were paid, a lapsed policy may have no benefits at all, or may have become paid-up with reduced benefits. Revival brings it back into full force, as per the policy conditions.
The revival period
Revival must be applied for within the revival period specified in the policy conditions, counted from the date of the first unpaid premium. For many traditional LIC plans this has been up to five years, but it varies by plan, so we check your policy document. After the revival period ends, revival is generally no longer possible.
What LIC usually asks for
- Payment of all overdue premiums, with interest as applicable
- A declaration of good health, on LIC's prescribed form
- Medical reports in some cases – often depending on how long the policy has been lapsed, the sum assured and your age
- Any other requirements LIC sets for your case
Revival is subject to LIC's approval. LIC may accept, accept on modified terms, or decline revival depending on the information provided.
Revival campaigns
From time to time, LIC runs special revival campaigns that offer concessions on late fees for eligible policies. If one is running when you apply, I'll let you know whether your policy qualifies. Concessions and eligibility are as announced by LIC.
Revive, or start fresh?
Revival usually makes sense because the policy was priced at your younger age and has already built up value. But if a policy no longer fits your needs, it's worth discussing the alternatives before paying the arrears. I'll lay out both sides honestly.
Disclose honestly: The health declaration for revival matters as much as the original proposal. Any change in health since the policy was issued should be declared.
Reviving a Lapsed LIC Policy
Check eligibility
Confirm the policy is within its revival period.
Get the revival amount
Overdue premiums plus interest, as calculated by LIC.
Prepare the forms
Health declaration and any medical reports LIC asks for.
Submit to LIC
Through the servicing branch or LIC's official channels, for approval.
Please note: LIC plan benefits, premiums, eligibility and applicable terms depend on the specific plan and prevailing LIC rules. Information here is for general guidance; please verify the latest details and policy terms before making a decision. Policy issuance and claim settlement are subject to LIC's rules and approval.
Official LIC website →LIC Policy Revival – FAQs
What people ask when a policy has lapsed.
Yes. I can check whether your policy may be revived under its terms, explain what LIC usually requires, and help you prepare and submit the request. Revival is approved by LIC.
Within the revival period stated in your policy conditions, counted from the first unpaid premium. For many traditional plans this has been up to five years, but check your specific policy.
Not always. It often depends on how long the policy has been lapsed, the sum assured, your age and your health declaration. LIC decides the requirements.
LIC sometimes runs revival campaigns with late fee concessions for eligible policies. Whether one is available depends on when you apply and your policy's eligibility.
Lapsed Policy? Let's Check Your Options
Send your policy number on WhatsApp and I'll help you find out where it stands.