LIC Revival Quotation Calculator
Calculate the exact cost needed to restore your lapsed policy back to active health. Simulates unpaid premium arrears, 9.5% p.a. compounded late fees, GST, and active campaign concession discounts.
Apply up to 30% discount on accumulated interest under active LIC revival drives.
Net Revival Cost Quotation
₹43,717
This graph displays your policy revival cost composition: your modal premium backlog vs. compounding late-fee interest surcharges, net of campaign discount deductions.
Interactive Policy Health Restoration Journey
Understand exactly what happens step-by-step when your policy lapses and how it goes from inactive to fully restored cover.
Quotation is generated including all missed premium installments, 9.5% compounded late fees, GST, and campaign discounts.
LIC Policy Revival Slabs: Options, Calculations, & Medical Rules
Allowing an insurance policy to remain lapsed defeats the purpose of securing family protection and building long-term wealth. LIC offers a liberal **5-year revival window** to restore your lapsed policy back to full force. By paying premium backlogs alongside late fees, you can reactivate all life covers and stackable riders without losing historical bonus accumulations.
| Policy Status | Lapse Duration | Late Fee Interest | Underwriting Requirements |
|---|---|---|---|
| In Grace Period | Under 30 Days (15 days for monthly) | ₹0 (Interest-Free) | No forms. Standard payment. |
| Lapsed (Eligible) | Between 1 Month and 60 Months (5 Yrs) | 9.5% p.a. compounded half-yearly | Form 680 (DGH) + medical tests if cover/age is high |
| Revival Expired | Exceeds 60 Months (5 Years) | Cannot revive | Policy terminated. Paid-up/Surrender option only. |
The Actuarial Revival Mathematics
LIC implements compound interest mechanics for each premium due, calculated from its specific due date to the exact date of revival:
Late Fee Compound Interest
Interest rate is fixed at 9.5% per annum, compounded half-yearly, computed for each delayed installment:
Interest = Modal Premium × [(1 + 0.095 / 2)^(2 × t) - 1]Revival Campaign Concessions
LIC dynamically discounts late-fee interest based on overall premium size under periodic restoration campaigns:
Discount = Min(Interest × concession%, limit_cap)Standard Revival Schemes: Choosing the Right Path
Depending on the premium backlog and current financial health, you can opt for different revival paths:
Ordinary Revival
The standard path. You pay the full premium backlog plus accrued interest in a single lump-sum installment. Recommended if you have accumulated savings and wish to immediately secure active status.
Special Revival Scheme
Allowed once if the policyholder cannot pay backlogs. The Date of Commencement (DOC) is shifted forward. You only pay one fresh premium modal, but historical bonuses are adjusted based on the new term.
Instalment Revival
Ideal for temporary financial squeezes. LIC permits paying the backlog in split instalments over a period alongside your upcoming regular premiums, keeping cover active during recovery.
Required Documentation & Underwriting
Because a lapse represents a break in coverage, LIC requires basic underwriting declarations to ensure the policyholder remains in good health before resuming high-value life cover:
- Declaration of Good Health (Form 680): A simple self-declaration confirming that you have not suffered any major illnesses or undergone surgeries since the FUP. Mandatory if lapse exceeds 6 months.
- Special DGH (Form 680-A): Used for minor children or specifically structured retirement plans.
- Medical Examination Report (MER): If the total Sum Assured (or Sum at Risk) exceeds ₹5 Lakhs and the policyholder is above 45 years of age, an official check by an LIC-empanelled medical officer is required.
Tax Benefits of Policy Restoration
Restoring a lapsed policy reactivates two critical income tax shields under the active financial year:
- Section 80C Deduction: The base premium arrears paid during revival are fully tax-deductible up to ₹1.5 Lakhs under Section 80C, helping you claim substantial savings in the current assessment year.
- Section 10(10D) Shield: Restoring the policy to active status secures the 100% tax-free nature of all future maturity claims and accrued bonuses, avoiding the potential taxes applied to surrender payouts.
Frequently Asked Questions (FAQs)
What is FUP in LIC revival quotations?
Is there an interest discount during LIC Special Revival Campaigns?
Can I revive a policy online or do I have to visit the branch?
What happens to riders like Double Accident Benefit upon revival?
Don't Just Take Our Word For It
See how our actuarial precision is helping thousands make smarter, faster insurance decisions every single day.
"Excellent calculator! It helped me understand the premium structure before meeting with an LIC agent. The estimates were quite close to the actual premium I was quoted. Very user-friendly interface."
"I used this calculator to compare different policy types. The breakdown helped me choose the right endowment plan for my family. Saved me a lot of time and confusion. Highly recommended!"
"Good tool for getting a quick estimate. The calculator is easy to use and provides clear results. However, I noticed the actual premium was slightly higher due to my medical history, which is expected."
"This calculator made my insurance planning so much easier! I could test different scenarios and find the best policy that fits my budget. The maturity amount calculation was particularly helpful."
"As a first-time insurance buyer, this tool was invaluable. It helped me understand how premiums work and what to expect. The FAQs section also answered many of my questions. Great resource!"
"Very helpful calculator! I appreciated being able to compare different policy types side by side. The interface is clean and professional. Would love to see more policy options added in the future."
"Used this calculator before purchasing my LIC policy. The premium estimate was accurate, and it helped me plan my finances better. The design is modern and the tool is very intuitive to use."
"Excellent tool! I calculated premiums for multiple scenarios and found the perfect policy for my needs. The maturity amount projection helped me plan for my retirement. Thank you for this resource!"
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