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Detailed explanation-1: -Insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday announced the launch of a campaign for revival of individual lapsed policies.

Detailed explanation-2: -LIC Policy Revival Campaign: State-owned Life Insurance Corporation of India has launched a special campaign for policyholders. The campaign allows policyholders to revive lapsed LIC policies. The special campaign covers all non-ULIP policies.

Detailed explanation-3: -Insurance companies provide an option of reactivating the lapsed policy, within a specific period of time post the grace period. This period offered by the insurer to revive the policy and avail benefits pertaining to it is termed as revival period.

Detailed explanation-4: -The policyholder can reinstate their expired life insurance coverage by fully paying all outstanding premiums and interest.

Detailed explanation-5: -This campaign, which will run from February 1 to March 24, 2023, is open to policies that have expired during the premium-paying term but have not yet finished the policy term. According to the LIC tweet, “An opportunity to revive your lapsed LIC policy with concession in late fee” Period- 01/02/2023- 24/03/2023.”