LIC's 5 announcements: From premium payment extension to policy revival

To ease the hardships faced by policyholders due to the coronavirus pandemic, state-run Life Insurance Corporation (LIC) has announced extension of payment of premium due in March and April 2020. LIC said its offices are operating with skeletal staff, wherever feasible, within restrictions imposed by local authorities. Other employees are working from home to ensure that customer services are provided normally to the possible extent possible under current circumstances, it said. LIC said its policyholders can visit its website for enquiries and other services like premium payment, buying policy online and other services.

Here are 5 announcements made by LIC for benefit of policyholders:

1) For February premiums, where grace period was expiring after March 22, LIC policyholders also get a relaxation up to April 15.

2) LIC also said that policies that can be revived without any evidence of good health can be done online.

3) LIC's policyholders can pay premiums through digital payment options without any service charge. Premiums can also be paid by downloading mobile app LIC Pay Direct. LIC said policyholders do not need to register on the website for paying premium but can directly pay by giving basic details.

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

5) LIC said it has made five plans available online for purchase: pure protection plan Tech Term, Jeevan Shanti Annuity Plan, Cancer Cover, SIPP and Nivesh Plus.

LIC also 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. 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.

Source: Live Mint