The premiums due in March and April get 30 days relaxation by LIC

The Life Insurance Corp of India (LIC) has made an announcement for a 30 day extension to all policyholders whose premiums fall due in March and April in wake of “unforeseen difficulties” faced by the world due to coronavirus.

The insurance behemoth has also said that a further retrospective relaxation till April 15th will be given to those customers whose premiums were due in February and given a grace period till March 22nd.


“To mitigate the hardships being faced by policyholders in payment of premium, LIC has announced that for all policies, where premium is due in the month of March and April 2020, grace period has been extended by one month,” LIC informed on April 11. “For February premiums where grace period was ending after 22nd March, relaxation is permitted upto 15th April.”

Also, the IPO bound insurer assured customers that all covid-19 related deaths would come under the scope of existing and new policy covers and would be treated at par with other deaths and payments would be made on an quick basis.

LIC shared that it has processed 16 death claims related covid-19 as on April 11. The coronavirus toll in India has crossed 200 in India.

“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 government authorities to help the families,” LIC said.

Also, the ones eho want to make the payment at this time can opt for digital modes without incurring any service charges, the country’s largest insurer said.
“Premiums can also be paid at all IDBI and Axis Bank branches and in cash through Common Service Centres (CSC), operating at block level,” LIC added.

Five plans are made available online – LIC’s Tech Term, which is a Pure Protection Plan, LIC’s Jeevan Shanti Annuity plan, LIC’s Cancer Cover, LIC’s SIIP and Nivesh Plus. Anyone who wants to buy these can get them online.