LIC provides a 30-day grace period for yearly, half-yearly, and quarterly payment frequencies. For monthly payment mode, the grace period is 15 days. If death occurs during the grace period, the claim is paid in full after deducting the unpaid premium.

Q2: How is late fee interest calculated on overdue LIC premiums? ⌄

If premiums are not paid within the grace period, penal interest of 9.5% per annum compounding half-yearly is charged on the unpaid premium from the due date until the payment date.

Q3: Can I revive a lapsed LIC policy without medical check-up? ⌄

Policies lapsed for less than 6 months can usually be revived under ordinary revival with a simple Declaration of Good Health (DGH). For longer lapses or high sums assured, medical examination reports may be required.

Q4: Does LIC launch Special Revival Campaigns with late fee concessions? ⌄

Yes! LIC regularly launches Special Revival Campaigns (typically twice a year) offering 20% to 30% late fee concessions (up to ₹3,000 to ₹4,000 discount) to help policyholders revive their lapsed policies.