LIC Launches ‘Jeevan Utsav Single Premium Plan’

LIC has kicked off 2026 with two major announcements — the launch of its new Jeevan Utsav Single Premium Plan and a special campaign offering policyholders a chance to revive lapsed policies with heavy late-fee concessions.

LIC Launches Jeevan Utsav Single Premium Plan

The Life Insurance Corporation of India (LIC) has begun 2026 by offering dual benefits to millions of its policyholders. India’s largest life insurer has announced the launch of an entirely new plan called ‘Jeevan Utsav Single Premium’, while also unveiling a dedicated programme to help customers revive lapsed policies.

Strengthening its product portfolio further, LIC has introduced the LIC Jeevan Utsav Single Premium insurance plan. This plan will be available to the public from January 12, 2026.
According to details shared with the stock exchanges, this is a non-linked, non-participating, individual savings and whole-life insurance plan.

Designed for One-Time Premium Payments

This plan is specifically designed for people who do not want to deal with paying premiums repeatedly and prefer a one-time investment that offers lifelong protection along with savings benefits.

It is worth noting that last year, LIC also launched several products such as Bima Kavach, Jan Surakshan, and Smart Pension Plan — however, Jeevan Utsav stands out as a major product in the single-premium category.

Chance to Revive Lapsed Policies

Often due to financial hardship or oversight, policyholders fail to pay premiums on time and their policies become “lapsed”, leaving them without insurance coverage. Understanding this issue, LIC has launched a special Revival Campaign, which began on January 1, 2026, and will run until March 2, 2026.

During this period, any individual policy that has lapsed due to non-payment of premiums can be revived with significant concessions. LIC says the campaign aims to support customers who were unable to continue payments due to adverse circumstances.

Reviving an old policy is usually considered better than buying a new one because policyholders retain existing bonuses and coverage benefits.

Heavy Concessions on Late Fees

One of the biggest highlights of this campaign is the discount on late fees. The relief applies to non-linked and micro-insurance plans. If you revive your policy during the campaign, you may receive up to 30% concession on late fees, divided into three slabs:

• If the outstanding premium is up to ₹1 lakh, a 30% concession is available (maximum ₹3,000).
• For premiums between ₹1 lakh and ₹3 lakh, there is also a 30% concession, but the maximum limit is ₹4,000.
• For premiums of ₹3 lakh and above, the maximum concession is ₹5,000.

For micro-insurance plans, the late fee concession is 100%, meaning no late fee at all — a major relief for low-income and middle-class families.

Conditions for Policy Revival

LIC has clarified that not all lapsed policies are eligible under this campaign. Only those policies can be revived that:

• Lapsed during the premium-payment period, and

• Have not completed the policy term.

Additionally, the policy must be revived within five years from the date of the first unpaid premium.

However, LIC has clearly stated that there will be no relaxation in medical or health-related requirements. If medical tests are required for revival, policyholders will still need to undergo them.