LIC's insurance holders will receive one month's flexibility in paying premiums

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Mumbai Ta 11 April 2020, Saturday

Life Insurance Corporation of India (LIC) has now extended a one-month grace period to pay the premiums paid to their insurance policy holders in March and April following the disaster inflicted on the people of Corona epidemic.

The LIC said the relief, which is due to be paid to consumers in February, has been given a grace period up to March 1 along with retrospective relief up to April 1. The grace period has been extended to one month for all LIC policyholders, whose payment month is March and April 1, so that the policyholders do not have to face the difficulty of paying premium, the LIC said in a statement. In February, those who drop out of premium and grace period expires after March 1 have been announced until April 1.

In addition, LIC has stated that customers have been assured that all Covid-1 related deaths can be taken under the current and new policy cover and payment will be made on the basis of immediate compliance with these related deaths. Related 3 death claims are processed. So far in India, there have been more than 4 deaths due to corona. In addition, LICA customers who wish to pay during the lockdown period will be able to pay using digital modes without any service charges. Policy holders can use various modes like Unified Payment Interface (UPI) apps, debit card, credit card and net banking facilities. In addition, payments can also be made through LIC's app LIC Pay Direct.

Apart from this, premiums can be paid in cash through Common Service Centers (CSCs) at all IDBI and Axis Bank branches operating at block level.

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