If you have stopped paying premiums on an LIC policy, it does not vanish — it simply lapses, and in most cases you can bring it back to life. Reviving is almost always smarter than surrendering, because it protects the value and the cover you have already built.
Why revive instead of surrender?
A lapsed policy loses its full life cover and stops earning bonuses or guaranteed additions. Surrendering hands back only a small surrender value. Reviving restores the original cover, the maturity benefit and the bonus accrual — usually for far less than the value you would otherwise forfeit.
The revival window
LIC generally allows revival within five years from the first missed premium (the exact period depends on the plan). Within this window you can revive by paying the overdue premiums together with interest. If it has been a while, LIC may also ask for a short health declaration or a medical check, since your cover is being reinstated.
How to revive, step by step
- Find out your total arrears (missed premiums) and the revival interest — estimate it on our Revival Calculator.
- Submit a revival request at your LIC branch or through the LIC portal/app.
- Pay the arrears plus interest; complete any health declaration if asked.
- Once accepted, your cover and benefits are fully restored.
Special revival campaigns
LIC periodically runs revival campaigns that waive part of the late-payment interest for eligible policies. If one is open, it is a good moment to revive at a lower cost — ask your branch whether your policy qualifies.
The bottom line
Before you write off a lapsed policy, check the cost of reviving it. In most cases the arrears plus interest are a fraction of what you would give up by letting it die. Estimate the amount first on the revival calculator.
Educational information, not individual advice. Confirm exact arrears and terms with LIC.