Life Insurance Corporation (LIC) announced an extension of 30 days for payment of premiums due in March and April. This extension was announced on Saturday. LIC extended the deadline keeping in mind the hardships faced by people amid the coronavirus lockdown. The LIC added that for February premiums where the grace period was set to expire after March 22, a relaxation till April 15 has been allowed.
Policies that can be revived without any evidence of good health can be done online too, it stated. Policyholders can use LIC's digital payment method with no extra charge to pay premiums. Moreover, one does not need to register on the website but can simply make the payment by providing the basic details. LIC Pay Direct can be used for payment of premiums.
LIC will accept policy premiums through net banking, debit card, credit card as well as through payment options such as Paytm, PhonePe, Google Pay, BHIM and UPI among others.
Policyholders can also go to IDBI and Axis Bank branches and pay in cash through Common Service Centres (CSC).
The insurer assured its policyholders that the death claims arising due to COVID-19 will be treated at par with other causes of death and payments shall be made on an urgent basis. LIC officials are also trying to locate COVID-19 victims and help the families on the basis of lists provided by the government authorities. It added that coronavirus death claims have been settled without wasting any time.
LIC has also ensured that policy payments like survival benefit, policy maturity and annuities are being made to policyholders on due date by crediting the amount into the bank account registered with LIC.
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