LIC REVIVAL CALCULATOR
Estimate Revival Amount, Taxes & Late Fees
LIC Policy Revival Calculation Estimate
| Lapse Period | 0 |
| No. of Installments Due | 0 |
| Base Premium Due | ₹0 |
| + GST on Premium (2.25%) | ₹0 |
| Gross Late Fee / Interest | ₹0 |
| – Concession / Waiver | ₹0 |
| + GST on Net Late Fee (18%) | ₹0 |
Cost Breakdown
Disclaimer: Estimate based on standard simple interest. Exact daily compounding and taxation rules at your branch may cause slight variations.
Revival Policy Guidelines
| Lapse Duration | Type of Revival | Requirements |
|---|---|---|
| Within 6 Months | Ordinary Revival | Arrears + interest. No health declaration needed. |
| 6 Months to 5 Years | Medical Grounds | Arrears + interest + Declaration of Good Health (DGH). |
| Beyond 5 Years | Cannot be Revived | Usually cannot be revived under standard rules. |
LIC Revival Calculator – Calculate LIC Policy Revival Amount Online
A LIC Revival Calculator is a useful online tool that helps policyholders estimate the amount required to revive a lapsed LIC policy. If you have missed one or more premium payments and your policy has become inactive, this LIC Policy Revival Calculator can calculate pending premiums, interest charges, GST, and the estimated revival amount instantly.
Whether you are planning LIC policy revival online or simply want to know your expected dues, this calculator provides a quick and convenient estimate.
What is LIC Policy Revival?
LIC Policy Revival refers to the process of restoring a lapsed LIC policy to active status by paying all outstanding premiums along with applicable interest and charges.
A policy may lapse when premiums are not paid within the grace period. Once revived, the policy regains its benefits, including life insurance coverage, bonus eligibility, and maturity benefits.
Using a LIC Revival Amount Calculator can help policyholders understand the approximate amount payable before approaching LIC for revival.
Why Use a LIC Revival Calculator?
A LIC Premium Revival Calculator offers several advantages:
- Calculates total unpaid premiums
- Estimates revival interest charges
- Includes GST calculations
- Shows policy lapse duration
- Provides instant results
- Helps in financial planning
- Supports multiple premium payment modes
- Generates a detailed cost breakdown
This makes it one of the most useful tools for LIC lapsed policy revival planning.
Information Required for Calculation
To calculate the revival amount accurately, you need the following details:
| Input Field | Description |
|---|---|
| Revival Date | Date on which the policy will be revived |
| Due Date | First unpaid premium date |
| Premium Amount | Regular premium amount |
| Payment Mode | Monthly, Quarterly, Half-Yearly, or Yearly |
| Interest Rate | Revival interest rate applicable |
| GST Option | Tax calculation preference |
| Concession | Any revival fee concession offered |
LIC Revival Amount Formula
The calculator generally follows the formula:
[latex]\text{Total Revival Amount = Premium Due + Interest + GST – Concession}[/latex]
Interest Formula
[latex]\text{Interest = Premium Due × Interest Rate × Time}[/latex]
The actual calculation may vary depending on LIC guidelines and policy type.
Example LIC Revival Calculation
Suppose the following details are entered into the calculator:
| Particulars | Value |
|---|---|
| Premium Amount | ₹4,500 |
| Payment Mode | Monthly |
| Missed Installments | 6 |
| Total Premium Due | ₹27,000 |
| Interest Rate | 9.5% |
| Interest Amount | ₹1,131 |
| GST Charges | Applicable |
| Revival Amount | ₹28,131 to ₹28,942 |
This example demonstrates how a LIC Revival Charges Calculator estimates the total amount required for policy revival.
Understanding the Result Section
Lapse Period
Shows the total time the policy has remained unpaid.
Example:
- 0 Years
- 5 Months
- 11 Days
Number of Installments Due
Displays the total unpaid premium installments.
Base Premium Due
Represents the total premium amount pending for payment.
Interest Charges
Shows the interest charged due to delayed premium payments.
GST Charges
Displays GST applicable on premium and/or interest components.
Total Revival Amount
This is the final amount required for LIC policy reactivation.
LIC Revival Guidelines
| Lapse Duration | Revival Type | Requirements |
|---|---|---|
| Within 6 Months | Ordinary Revival | Premium arrears + interest |
| 6 Months to 5 Years | Medical Revival | Premium arrears + interest + DGH |
| Beyond 5 Years | Subject to Rules | Special approval may be required |
What is DGH?
DGH stands for Declaration of Good Health. LIC may request this document when reviving policies that have remained lapsed for an extended period.
Types of LIC Policy Revival
Ordinary Revival
This is the most common revival method.
Requirements:
- Payment of all unpaid premiums
- Applicable interest charges
Special Revival
Suitable for policyholders facing difficulty in paying large arrears.
Benefits:
- Fresh adjustment of policy conditions
- Easier revival in eligible cases
Installment Revival
Allows revival through structured payments where permitted.
Loan-Cum Revival
Certain policies may be revived using available policy loan value.
Benefits of LIC Policy Revival
Restores Insurance Coverage
The life insurance protection under the policy becomes active again.
Preserves Bonus Benefits
Accumulated bonuses remain associated with the policy.
Retains Maturity Benefits
The policy continues toward its original maturity value.
Avoids Purchasing a New Policy
Reviving an existing policy is often more convenient than buying a new one.
Protects Previous Investments
The premiums already paid remain valuable and productive.
Documents Required for LIC Revival
Depending on the policy and lapse period, LIC may require:
- Policy document
- Identity proof
- Address proof
- Revival application form
- Declaration of Good Health (DGH)
- Medical reports (if required)
How to Use the LIC Revival Calculator
Follow these simple steps:
- Select the Revival Date.
- Enter the First Unpaid Premium Date.
- Input the Premium Amount.
- Choose the Payment Mode.
- Enter the Interest Rate.
- Select GST options if applicable.
- Click the Calculate button.
- Review the detailed revival estimate.
The calculator will instantly display the estimated LIC revival amount, including premiums, interest, and taxes.
Key Features of This LIC Revival Calculator
- Mobile-Friendly Design
- Instant Calculation
- Accurate Estimates
- GST Support
- Interest Calculation
- Cost Breakdown Analysis
- Printable Results
- Responsive Interface
- Easy-to-Use Layout
- Multiple Payment Modes
Who Should Use This Calculator?
This calculator is useful for:
- Existing LIC policyholders
- Insurance advisors
- LIC agents
- Financial planners
- Individuals seeking LIC policy revival online
- Users looking for a LIC Due Premium Calculator
Frequently Asked Questions
Can a lapsed LIC policy be revived?
Yes, most eligible LIC policies can be revived by paying pending premiums and fulfilling revival requirements.
How long can a LIC policy remain eligible for revival?
Many LIC policies can generally be revived within 5 years from the first unpaid premium date, subject to LIC rules.
Is medical examination required for revival?
Medical requirements depend on the policy type and lapse duration
Does LIC charge interest during revival?
Yes, interest is usually charged on unpaid premiums.
Is GST applicable during policy revival?
GST may apply on certain premium or interest-related components according to prevailing tax regulations.
Can I calculate the revival amount online?
Yes, a LIC Revival Calculator can estimate the total revival amount instantly
Conclusion
A LIC Revival Calculator is an essential tool for policyholders who want to restore a lapsed one of LIC Policy. Calculating unpaid premiums, interest charges, GST, and total dues, this LIC Policy Revival Calculator provides a quick estimate of the amount required for LIC policy reactivation. Whether you are planning a LIC lapsed policy revival or simply checking your dues, this calculator helps you make informed financial decisions with confidence.
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