Can we pay the LIC premium after maturity?

No, LIC premiums cannot be paid after policy maturity. However, LIC provides a grace period of 30 days from the premium due date to pay the delayed premium without any late fees. For policies with monthly premiums, the grace period is 15 days. If the premium is not paid within the grace period, LIC will charge a late fee to revive the lapsed policy.

The late fee is calculated based on when the policy is being revived. If a policy is revived after 30 days to 1 month, 14 days from the due date, the delay is considered 1 month. If revival is between 1 month 15 days to 2 months 14 days, the delay is 2 months. Between 2 months 15 days to 3 months 14 days, the delay is 3 months. And so on. For in-depth details, you can use a LIC premium and maturity calculator to know the approximate premium and the maturity amount.