Don't Lose Your Hard-Earned Money: LIC Policy Revival Guide
Did you know?
"A lapsed LIC policy still holds intrinsic value. Through the right revival scheme, you can restore your full life cover and claim thousands in accumulated bonuses that you might think are lost."
What is Policy Lapsation?
An LIC policy lapses when the premium is not paid within the "Grace Period" (usually 30 days for yearly/half-yearly modes). Once a policy is lapsed, the life cover ceases, and you are no longer entitled to maturity benefits or bonuses.
Types of Revival Schemes
Ordinary Revival
If the policy is revived within 6 months of the first unpaid premium. No medical requirements are usually needed; just pay the arrears with interest.
Special Revival Scheme (SRS)
Best for policies that have been lapsed for a long time. The date of commencement is shifted, and you pay only one premium according to the new age. This is the most cost-effective way to restore old policies.
Revival Checklist (Form 680)
To start the revival process, you will generally need:
- Personal Statement of Health (DGH) - Form 680
- Arrears of Premium + Late Fee (calculated by the branch)
- Medical Reports (if policy value is high or lapse period is long)
Why use an expert for revival?
Calculating the interest and identifying the best revival scheme (SRS vs Survival Benefit adjustment) can save you thousands of rupees. We handle the branch visits, document verification, and medical appointments to ensure your policy is back "In-Force" without any hassle.
Unsure if your policy can be revived?
Provide us with your policy number and date of last payment. We will get your revival quote directly from the branch within 48 hours for free.