LIC Premium Lapsed? Your ₹50L Cover Is at Risk

Millions of LIC policyholders still pay premiums offline and risk policy lapses. Paying online via the LIC app or website takes under 5 minutes and can save your life cover from going void.

Here's what happened: LIC policies lapse if premiums are unpaid within the grace period — 30 days for annual/quarterly/half-yearly, 15 days for monthly mode.. LIC offers multiple online payment channels: its official website, the LIC Customer App, BHIM UPI, net banking, and authorized payment aggregators.. A lapsed LIC policy loses all death benefit protection — your nominee gets nothing if you pass away during the lapsed period..

What you should do: Download the official 'LIC Customer' app (not third-party apps) from Google Play or App Store and register with your policy number and date of birth.. Set up auto-pay or standing instructions on your bank account or UPI for monthly premium mode — this eliminates the risk of accidental lapse.. Check your policy status right now at licindia.in under 'Online Services' > 'Pay Premium' to confirm no outstanding dues are pending..

Pro tip: If your LIC policy has already lapsed, you can revive it within 5 years by paying all due premiums plus interest — typically 9-10% p.a. — without losing the original sum assured.