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Stuck in coronavirus lockdown? LIC extends premium payment date, shares digital options

BusinessToday.In     April 12, 2020

Life Insurance Corporation (LIC) has made a few key announcements for the benefit of policyholders amid the ongoing lockdown due to coronavirus.The announcements range from extending the date of premium payment to revival of policies. On Saturday, LIC announced an extension of 30 days for payment of premiums due in March and April in a statement. LIC extended the deadline keeping in mind the hardships faced by people. 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.  

The largest insurer in the country also said that the policies can be revived online without producing any evidence of good health. The policyholders can now pay premiums through digital payment options without any service charge just by downloading mobile app LIC Pay Direct. In addition, five plans were made available online for purchase namely, pure protection plan Tech Term, Jeevan Shanti Annuity Plan, Cancer Cover, SIPP and Nivesh Plus.

The death claims due to coronavirus under 16 policies have been settled so far, it also said. The death claims arising out of coronavirus would be treated on par with other causes and payments would be made on an urgent basis, LIC assured the policyholders in a  statement released on Saturday. The company officials are already making efforts to reach virus victims on the basis of lists provided by the government authorities to help the families, India's largest insurer added. In FY20, LIC settled over 7.5 lakh death claims with 0.75 per cent of the total death claims reported remaining outstanding, it also said. Meanwhile, LIC recently contributed Rs 105 crore to the PM CARES Fund. Of the total amount, Rs 5 crore has been donated from the LIC's Golden Jubilee Fund.

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