LIC grants a 30-day extension for premiums that expire in March and April
MUMBAI: Life insurance corporation ( LIC ) on Saturday announced a 30-day extension for the payment of the premium that expires in March and April 2020 to mitigate the difficulties faced by policyholders due to COVID-19.
For February premiums, where grace period was expiring after March 22, relaxation is allowed up to April 15, LIC said in a statement.
Furthermore, he said that as long as policies can be revived without evidence of good health, this can also be done online.
LIC 's policyholders can pay premiums through LIC' s digital payment options without any service charge.
He also reported that policyholders do not need to register on the website to pay the premium, but can pay directly by giving basic details.
Premiums can also be paid by downloading mobile app LIC Pay Direct.
Policy premiums are accepted through net banking, debit card, credit card and in payment applications such as Paytm, PhonePe, Google Pay, BHIM, UPI, among others.
Premiums can also be paid at all IDBI and Axis Bank branches and in cash through the Common Service Centers (CSC), which operate at the block level.
The insurer assured its policyholders that death claims arising from COVID-19 will be treated on par with other causes of death and payments will be made urgently.
More about Covid-19
Coronavirus has already claimed many lives and efforts are being made by LIC officials to locate Covid-19 victims on the basis of lists provided by the government authorities to help the families.
Death claims for COVID-19 have already been resolved under 16 policies without wasting time, he added.
During the previous financial year, LIC has settled more than 7.5 lakh death claims with only 0.75 per cent of the total death claims reported remaining outstanding.
LIC has also ensured that policy payments like survival benefit, policy maturity and annuities are made to policyholders on due date by crediting the amount into the bank account registered with LIC.
These payments were over Rs 2 million in 2019-20.