Home » India » Money » Reviving a Lapsed LIC Policy

Reviving a Lapsed LIC Policy

Got your LIC policy lapsed? Here is your one time chance to revive your policies using the Special Revival Scheme that ends on February 28, 2010.

Earlier, to revive a lapsed policy one had to pay all the dues at a single time with interest rate prevailing at that time and produce health certificate. With this Special Revival scheme in existence, you needn’t pay your dues at one time but still (or only) have to produce a health certificate.

How it works?

Say a policy is lapsed for a period of maximum 2 years. In order to revive such a policy under the Special Revival Scheme, you will have to pay only your current year’s premium and produce a valid health certificate. This means that you are NOT paying last years’ (one year) premium at this time (see example below).

In order for this to work, the ‘date of policy taken’ is moved ahead by one year. To make it easy to understand, say if a policy was taken in 2008, the new change makes that the policy was taken in the year 2009. Since the term of the policy remains the same, you’ll be paying the lapsed premium as the extra premium at the end of the actual policy term.

As an example, if 2009 was the year when you didn’t pay your premium and the policy got lapsed, according to the new change the policy was started from the year 2009. So effectively, the premium paid in the first year of the policy existence ie, 2008 is adjusted as the premium for 2009, and now you’ll only have to pay the premium of 2010 to stay under cover.

The above example applies to those policies that were lapsed for a maximum period of 3 years.

In case a policy is lapsed for 5 years or more, you can revive your policy (let’s say it’s an annual premium policy) by paying your current year’s premium amount plus half of your annual premium amount as this year’s premium amount. The rest of the lapsed premium’s can be paid with in two years.

Update:  Special revival scheme was a special, temporary program introduced by LIC in 2010. This program no longer exists today. Revival of lapsed policies is different for different policies so please see your policy’s bond for more details.

Check Also

Central Bank of India Cent Double scheme (deposit doubles in 7 ½ yrs)

People normally (and obviously) get attracted when they see schemes that ‘double their investment’ in …


  1. My policy had been lapsed which i would like to continue.
    I paid my last premium at oct 2010.
    my policy # 311669710
    agent code 03004245
    please check at suggest me how to continue this policy.

  2. I have one policy no.331061647 in the name of my husband, and one in my name policy no.331061590. Since june 2006 premium has not been paid by us.Can it be revived now?
    What will be the procedure? Also I am not in a position to pay full amount in one go. I shall pay in installments.Please guide me.

  3. I have taken a policy vide no. 714279912 on 10.02.2006. I have not renewed the same. I wish to know, whether, it is possible to renew the policy, if so what is the procedure to be followed.

  4. Dear sir
    My policy no 585525771 is in lapsed condition. kindly inform me for renewal .i also need to change branch address.

  5. I would like to know if you have any plan to offer special revival scheme in 2011 as was done in 2010.

    Thanks and regards

  6. Dear sir,
    my policy no. 693783471 laps pl renewal inform me

  7. Please any one can tell the policy status of mine.
    Name BODDAPATI Venkata satyasuryanarayana Murthy.
    POLICY No A38027066 Sum assured Rs 5000
    Plan 14-25
    Date of proposal 25-9-1972
    Please contact the 9492390381 or 08842344326

  8. MY POLICY NO.113795680 HAS BEN LAPSED. Premium is only paid up to August 2008. what to do to revive this lapsed policy?

    • Dear Sir,
      Can u pls tell me How many years you have paid the policy. I will tell you that is it possible to revise or not.

      Note : Most of the Policies are possible to revise.

      For More Details

      mail your details to lic4u2help at gmail.com


  9. I have a policy which has been 5 years, now i have to revive that policy but the problem is, i have paid only one installment in starting and it has been completed 5 years in this july now it is september, so is is possible to revise.

    If yes please leave a mail and condition to my id.


    • Dear Sir,
      thnks once again for understanding the importance of polic.

      Can u pls tell me policy no.? I will tell you that is it possible to revise or not.

      Note : Most of the Policies are possible to revise.


  10. I have taken an LIC policy in 2004 and paid upto 2007. Now i want to renew the same. What are the procedures for update the same

  11. i want details of reviving the lapsed policy

  12. My Policy No.360172417 has been lapsed, can I revive the lic Policy

    • Dear Sir,
      Thnks for showing interest for your future through Life insurance.
      Pls tell me how many years u have paid and I will mail you the Details of your Policy

      Note : Most of the Policies are possible to revise.


  13. pls intimate whether the special revival scheme is still valid

Leave a Reply

Your email address will not be published. Required fields are marked *