LIC extends date for payment of premiums amid lockdown

Recently, Life Insurance Corporation (LIC) has declared the extension of 30 days for payment of premium due in March and April 2020 to lighten the hardships being faced by policyholders due to COVID-19 outbreak and countrywide lockdown.

For February premiums, where grace period was expiring after March 22, it has extended to April 15. Furthermore, reviving the policies without any evidence of good health is also considered and could be done online. Life Insurance Corporation policyholders can also pay their premiums through the company’s digital payment options without any charges. Now, policyholders are not required to register on the website for paying the premium but can directly pay by filling basic details.

Pending Premiums can be paid by via mobile app LIC Pay Direct, whereas policy premiums are accepted through Net banking, Debit Card, Credit Card and on payment apps such as Paytm, PhonePe, Google Pay, BHIM, UPI among others. Common Service Centres (CSC) are also receiving premium amount through cash, working at level. Policyholders are assured that death claims erupting due to coronavirus would be treated at par with other causes of death and amount would be granted on priority.

Coronavirus has already claimed many lives and efforts are being made by Life Insurance Corporation officials to locate COVID-19 victims based on the input by the government authorities.

Life Insurance Corporation serves over 29 crore policies with an asset base of more than Rs 31 lakh crore and over 70 per cent of the market share. It has donated over 100 crore to PM-CARES Fund to fight against COVID-19 pandemic. 21-days lockdown is ending tomorrow and Indian Prime Minister would be addressing the Nation at 10.00 am.

Till now more than 1.5 million corona positive cases and over 1 lakh deaths are reported across the globe.