Coronavirus pandemic | LIC declares relaxation for premium payments

To help policyholders who are unable to pay the insurance premium on time due to the coronavirus outbreak, state-run insurer Life Insurance Corporation (LIC) has extended the deadline up to April 15, 2020.

"In view of prevailing extraordinary circumstances in the country on account of Covid-19, LIC will give relaxation to its policyholders in payment of premiums due on inforce policies up to April 15, 2020, wherever customers are unable to deposit online or otherwise," the life insurer said in a statement.

To contain the spread of the novel coronavirus, a majority of the states have asked people to maintain social distancing and avoid travel unless necessary. Prime Minister Narendra Modi also called for a 'Janta curfew' between 7 am to 9 pm on March 22.

The total number of novel coronavirus cases in India has surged to 360, according to recent figures released by the Union Health Ministry.

Source: Money Control