Udayavni Special

Covid 19: LIC gives 30-day extension for premiums due in March, April

Team Udayavani, Apr 12, 2020, 12:58 PM IST

New Delhi: Life Insurance Corporation on Saturday announced an extension of 30 days for payment of premium due in March and April 2020 to mitigate the hardships being faced by policyholders in the wake of coronavirus.

For February premiums, where grace period was expiring after March 22, relaxation is allowed up to April 15, LIC said in a statement here.

Further, it said wherever policies can be revived without any 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.

It also informed that 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 among others.

Premiums can also be paid at all IDBI and Axis Bank branches and in cash through Common Service Centres (CSC), operating at block level.

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.

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 the government authorities to help the families.

Already death claims due to COVID-19 under 16 policies have been settled without losing any time, it 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 more than two crore in numbers in 2019-20.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

India avoid series whitewash with 13-run victory in 3rd ODI against Australia

Yogi allays fears on Film City impacting Mumbai film industry

K’taka BJP’s chief whip asks party’s prez to convene legislature party meet soon

Twitter flags BJP social media head Amit Malviya’s tweet as ‘manipulated media’

M’luru boat tragedy: We’re with families of deceased, says Kota after announcing Rs 6 lakh compensation

SSR case: Court grants bail to Rhea Chakraborty’s brother

Second wave of COVID-19 in K’taka expected during Jan-Feb: Technical Advisory panel

Related Articles More

RBI’s MPC starts deliberation on policy rate

India-Portugal Tech Summit to be held from Dec 7-9

Himadri Group forays into e-mobility

GST revenues cross trillion mark for second straight month at over Rs 1.04 lakh crore in Nov

SC rejects Chanda Kochhar’s plea against termination as CEO from ICICI Bank


Things You Should Know When Starting A Business | Profitable Business Ideas After Lockdown

Mangalore Boat tragedy: We’re with families of deceased, says Kota after announcing Rs 6 lakh compensation

Mangaluru boat tragedy: Body of another fisherman recovered

Mangaluru boat tragedy: Fishermen declare bandh until all missing fishermen found

Boat tragedy: Dead body of one fishermen found

Latest Additions

India avoid series whitewash with 13-run victory in 3rd ODI against Australia

China’s space ambitions: Robot on Mars, a human on the moon

Italy plans 202 million COVID-19 vaccine doses

‘Fundamental Right’: Adult citizens free to marry person of his/her choice, says K’taka HC

Nissan forays into compact SUV segment, drives in Magnite at Rs 4.99 lakh

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.