LIC extends 30-day grace period to policyholders for premiums due in March and April as India crosses 9,150 cases

Life Insurance Corporation of India (LIC) has extended period of payment of premium for all policies due in the month of March and April 2020 by 30 days.

FP Trending April 13, 2020 13:03:12 IST
LIC extends 30-day grace period to policyholders for premiums due in March and April as India crosses 9,150 cases

Life Insurance Corporation of India (LIC) has extended period of payment of premium for all policies due in the month of March and April 2020 by 30 days.

LIC extends 30day grace period to policyholders for premiums due in March and April as India crosses 9150 cases

LIC logo. Reuters image.

The extension has been announced to reduce the difficulties faced by policyholders due to the outbreak of COVID-19.

For February premiums, where grace period was expiring after 22 March, relaxation is now allowed up to 15 April.

LIC said that wherever policies can be revived without any evidence of good health, this can also be done online.0

“Policyholders do not need to register on the (LIC) website for paying premium but can directly pay by giving basic details,” the company said, adding that premiums can also be paid by downloading the LIC Pay Direct app.

LIC said that it is accepting policy premiums through net banking, debit and credit card and on payment apps including Paytm, PhonePe, Google Pay, BHIM, UPI.

The premiums can also be paid at all IDBI and Axis Bank branches and in cash through Common Service Centres (CSC), operating at block level.

LIC has assured all its policyholders that the death claims arising due to coronavirus shall be treated on par with other causes of death. Payments, it said, will be made on an urgent basis.

The insurance company is making efforts to locate COVID-19 victims on the basis of lists provided by government authorities. “Already claims due to COVID-19 under 16 policies have been settled without losing any time,” it said.

To respond to frequently asked queries, LIC has released COVID-19 information for the public on its website.

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