Story by Bahari Duniya | Written by Ranjan Sharma
At the start of 2026, Life Insurance Corporation of India (LIC) has introduced two significant initiatives. The company has rolled out an all-new insurance product aimed at enhancing financial security for policyholders. In addition, LIC has launched a focused campaign to help policyholders reactivate their lapsed policies, ensuring continued coverage and benefits.
LIC Introduces Jeevan Utsav Single Premium Plan
LIC has introduced a new insurance offering, the LIC Jeevan Utsav Single Premium plan. This policy will be available for purchase starting January 12, 2026, providing policyholders with the benefits of lifelong coverage along with attractive savings options.
LIC Jeevan Utsav Single Premium Policy: Main Features
LIC’s Jeevan Utsav Single Premium is a non-linked, non-participating, individual, savings-oriented, whole life insurance plan, according to a recent filing by LIC with the stock exchange.
Detailed information about the policy is yet to be officially released. In the previous year, LIC introduced several new products, including LIC Protection Plus (Plan 886), LIC Bima Kavach (Plan 887), LIC Jan Suraksha (Plan 880), LIC Bima Lakshmi (Plan 881), and LIC Smart Pension Plan (Plan 879).
LIC Launches Lapsed Policy Revival Campaign
In another update, LIC has announced a special campaign for policyholders whose individual insurance policies have lapsed. Under this initiative, eligible policyholders can revive select non-linked and micro insurance plans with attractive financial concessions. The campaign will run from January 1, 2026, to March 2, 2026, specifically targeting individual lapsed policies.
LIC is providing a concession on the late fee for all non-linked insurance policies. Eligible policyholders can avail of a reduction of up to 30% on the late fee, with a maximum benefit of Rs 5,000, if they choose to revive their policies under this scheme.
| Total Receivable Premium | Late Fee Concession (%) | Maximum Concession Allowed* |
| Up to ₹1,00,000 | 30% | ₹3,000 |
| ₹1,00,001 to ₹3,00,000 | 30% | ₹4,000 |
| ₹3,00,001 and above | 30% | ₹5,000 |
| Micro Insurance Plans | 100% | Full concession |
Which LIC Policies Are Eligible for Revival?
LIC stated that policies can be revived within five years from the date of the first unpaid premium, provided the policyholder meets all the terms and conditions of the policy. Only policies that are in a lapsed status during the premium-paying term and have not yet completed their policy term are eligible for revival under this campaign. The company also clarified that no concessions will be offered on medical or health requirements.
Reasons Behind LIC’s Campaign to Revive Lapsed Policies
LIC stated that the campaign has been launched to assist policyholders who were unable to pay their premiums on time due to unforeseen or difficult circumstances. Keeping a policy in force is essential to ensure full insurance benefits. Policyholders are encouraged to revive their lapsed policies to restore coverage and continue enjoying the protection provided by their plan.