Life Insurance Corporation of india (LIC) has kicked off two major initiatives at the start of 2026 — a special revival campaign for policies that have lapsed and an all‑new insurance product launch. Here’s what policyholders should know.

📌 1. Lapsed Policies Can Now Be Revived (With Discounts!)

LIC has launched a Special Revival Campaign running from January 1 to march 2, 2026. This gives policyholders whose insurance plans have lapsed a limited‑period opportunity to restore coverage without paying high late fees.

💰 2. Up to 30% Concession on Late Fees

Under the revival drive, lic is offering a discount of up to 30% on late fees for eligible lapsed non‑linked policies. This concession can go up to a maximum of ₹5,000 depending on the total receivable premium. Micro insurance plans get a 100% waiver on late fee.

📆 3. Who Can Revive Their Policy?

Policies can be revived within 5 years from the first unpaid premium date, as long as they haven’t completed their full policy term. This means many policyholders can get their coverage back — without needing to buy a new plan.

📜 4. Why You Should Consider Revival

When a life insurance policy lapses, your protection stops. Reviving it:
✔ Restores your life cover
✔ Helps maintain continuity of benefits & bonuses
✔ Avoids losing long‑term insurance value

LIC’s concessions make it much cheaper than paying the full late fees at regular rates.

🌟 5. New Plan Launched — LIC jeevan Utsav Single Premium

Alongside the revival campaign, lic is introducing a new insurance product called LIC Jeevan Utsav Single Premium. This plan will be available for purchase from January 12, 2026.

🛡 6. What the New Plan Offers

The Jeevan Utsav Single Premium is a non‑linked, non‑participating, whole‑life insurance plan with a one‑time premium payment and long‑term protection. Key features include:
✔ Guaranteed additions during the defined period
✔ Lifelong income options (like regular or flexible pay‑outs)
✔ Death and maturity benefits
✔ Loan facility and optional riders
This makes it a choice for those who want simple lifelong cover with savings benefits.

📊 7. Who This Plan Is For

This plan can appeal especially to people who want:
• One‑time premium payment without recurring premiums
• Guaranteed life cover and stable income options
• Insurance with savings features built in

It’s also part of LIC’s effort to expand offerings that match evolving customer needs.

📍 8. How These Updates Help You

✔ Lapsed policy revival gives a second chance to restore cover at lower cost.
✔ New jeevan Utsav plan provides options for lifelong financial protection.
Taken together, these moves aim to protect policyholders’ interests while strengthening LIC’s product lineup.

Bottom Line

LIC’s early‑year initiatives — a revival campaign with late‑fee concessions and a new single‑premium life plan — are meant to help both existing customers and new buyers secure better insurance outcomes. Whether you want to restore an old policy or buy a new one with simple structure and lifelong benefits, now’s a good time to review your options.

 

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