LIC Gives 30-day Extension for Premiums Due in March and April

LIC Provides 30-Day Extension for Premiums Due in March, April in View of Covid-19 Outbreak

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Image for representation. (Reuters)

Picture for illustration. (Reuters)

For February premiums, the place grace interval was expiring after March 22, rest is allowed as much as April 15, LIC stated in an announcement

  • PTI Mumbai
  • Final Up to date: April 12, 2020, 8:53 AM IST

Life Insurance coverage Company on Saturday introduced an extension of 30 days for fee of premium due in March and April 2020 to mitigate the hardships being confronted by policyholders within the wake of COVID-19.

For February premiums, the place grace interval was expiring after March 22, rest is allowed as much as April 15, LIC stated in an announcement right here.

Additional, it stated wherever insurance policies may be revived with none proof of fine well being, this may also be carried out on-line.

LIC’s policyholders will pay premiums by means of LIC’s digital fee choices with none service cost.

It additionally knowledgeable that policyholders don’t have to register on the web site for paying premium however can immediately pay by giving fundamental particulars.

Premiums may also be paid by downloading cell app LIC Pay Direct.

Coverage premiums are accepted by means of Web banking, Debit Card, Credit score Card and on fee apps reminiscent of Paytm, PhonePe, Google Pay, BHIM, UPI amongst others.

Premiums may also be paid in any respect IDBI and Axis Financial institution branches and in money by means of Frequent Service Centres (CSC), working at block degree.

The insurer assured its policyholders that the loss of life claims arising attributable to COVID-19 might be handled at par with different causes of loss of life and funds shall be made on an pressing foundation.

Corona virus has already claimed many lives and efforts are being made by LIC officers to find Covid-19 victims on the premise of lists offered by the federal government authorities to assist the households.

Already loss of life claims attributable to COVID-19 below 16 insurance policies have been settled with out dropping any time, it added.

Through the earlier monetary yr, LIC has settled greater than 7.5 lakh loss of life claims with solely 0.75 per cent of the entire loss of life claims reported remaining excellent.

LIC has additionally ensured that coverage funds like Survival Profit, Coverage Maturity and Annuities are made to policyholders on due date by crediting the quantity into the checking account registered with LIC.

These funds had been greater than two crore in numbers in 2019-20.

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