LIC Revival Late Fee & Penalty Calculator
Estimate the late fee (interest) and total amount payable to revive your lapsed LIC policy. Updated for 2026 rules.
Quick Summary: LIC Policy Revival
To revive a lapsed LIC policy, you must pay all overdue premiums plus interest (usually 9.5% p.a. compounded half-yearly). You can generally revive a policy within 5 years from the date of the First Unpaid Premium (FUP).
Revival Details
Revival Quotation
The Cost of Delay: How Penalties Multiply
Compound interest escalates rapidly the longer a policy remains lapsed. Here is an illustrative comparison for a тВ╣10,000 Half-Yearly premium:
| Delay Period | Unpaid Dues | Total Premium | Approx Late Fee | Total Amount Payable |
|---|---|---|---|---|
| 6 Months | 1 Installment | тВ╣ 10,000 | тВ╣ 475 | тВ╣ 10,475 |
| 1 Year | 2 Installments | тВ╣ 20,000 | тВ╣ 1,400 | тВ╣ 21,400 |
| 2 Years | 4 Installments | тВ╣ 40,000 | тВ╣ 5,200 | тВ╣ 45,200 |
| 3 Years | 6 Installments | тВ╣ 60,000 | тВ╣ 11,500 | тВ╣ 71,500 |
Frequently Asked Questions
What is the interest rate charged for LIC policy revival in 2026?
The standard late fee interest rate charged by LIC is <strong>9.5% per annum</strong>, compounded half-yearly. It is calculated on each missed premium installment from its respective due date.
What is the maximum time period to revive a lapsed LIC policy?
Under current IRDAI regulations, you can revive a lapsed traditional policy within <strong>5 consecutive years</strong> from the date of the First Unpaid Premium (FUP).
How does the Special Revival Campaign concession work?
During official LIC Special Revival Campaigns (typically launched 1-2 times a year), LIC offers concessions ranging up to 30% on late fees (capped at тВ╣3,000 to тВ╣4,000 depending on premium size).
Do I need a medical test to revive my policy?
If revived within 6 months of lapse, generally only a Declaration of Good Health (DGH / Form 680) is required. For lapses beyond 6 months or high Sum Assured, medical tests may be mandated.