Mumbai, 11 April 2020: In the wake of the corona virus pandemic and hardships being faced by policyholders in payment of premium, Life Insurance Corporation (LIC) of India has announced grace periods for all policies premium due in February and March.
In a statement issued on April 11, LIC said that where premium is due in the month of March and April 2020, grace period has been extended by one month. For February premiums where grace period was expiring after 22nd March, relaxation is allowed up to 15th April.
Further, wherever policies can be revived without any evidence of good health, this can also be done online, it says.
LIC’s policyholders can pay premiums through any of LIC’s digital payment options without any service charge. Policyholders do not need to register on the website for paying premium but can directly pay 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 on payment apps such as Paytm / PhonePe / Google Pay/ BHIM /UPI etc. 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 of India has assured its policyholders that the Death claims arising due to COVID-19 shall be treated at par with other causes of death and payments shall be made on an urgent basis.
Corona virus 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 government authorities to help the families.
Already death claims due to COVID-19 under 16 policies have been settled without losing any time. During the previous financial year, LIC has settled more than 7.5 lakh death claims with only 0.75 % 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 more than two crores in numbers in FY 2019-20.
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