Yes. See process here - How to Revive Lapsed LIC Policy?
No.2- Is it possible online by paying the outstanding premium online by net banking?
Thanks,
Vidul
LIC - Jeevan Suraksha Revival:
1. Policies with Term Assurance Rider: Rules relating to the revival of the Term Assurance Rider will apply.
2. Policy without the Term Assurance Rider: Policies can be revived at any time on payment of all arrears of premiums with interest @ 10.5% p.a. compounding half yearly. This rate of interest is likely to change from time to time.
Source - LICIndia