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Saturday, September 26, 2020

COVID-19 impact: LIC extends grace period for premium payment for all its policyholders

LIC customers whose premium is due in the months of March and April will get an entire month to pay their pending premium.

By: Express Web Desk | New Delhi | April 17, 2020 3:33:34 pm
The LIC premiums are accepted through various several methods such as net banking, debit card, credit card and also through payment apps such as Paytm, PhonePe, Google Pay, BHIM UPI etc. (File photo)

India’s largest insurance company LIC of India has extended the grace period of premium payment of all its existing policyholders by one month. All those LIC customers whose premium is due in the months of March and April will get an entire month to pay their pending premium.

This apart, the company also has said that wherever policies can be revived without any evidence of good health can also be done online. Policyholders can pay their premiums through any of LIC’s digital payment options without any service charge.

The life insurer has informed in a statement that its customers do not need to register on LIC’s website for paying their premiums but can directly pay by giving basic details. All premiums can also be paid by downloading the company’s mobile app LIC Pay Direct.

The premiums are accepted through several methods such as net banking, debit card, credit card and also through payment apps such as Paytm, PhonePe, Google Pay, BHIM UPI etc. Apart from online means, the policy premiums can also be paid at all IDBI Bank and Axis Bank branches and by cash through Common Service Centres (CSC), operating at the block level.

The insurance giant has assured that insurance claims because of death due to COVID-19 will be treated at par with other causes of death and that the payments shall be made on an urgent basis. LIC has said that death claims due to COVID-19 under 16 policies have been settled without any delays. The company has said that efforts have been made by its officials to locate COVID-19 victims on the basis of lists provided by government authorities to help the families.

In the previous fiscal year 2019-20, the insurer has settled more than 7.5 lakh death claims with only 0.75 per cent of the total death claims reported remaining outstanding. Apart from this, policy payments such as survival benefit, policy maturity and annuities have been to the policyholders on due date through direct bank transfers. LIC said that these payments were more than two crores in numbers in 2019-20.

In addition to online premium payment facilities, LIC is also selling five of its plans online which can be purchased with a click of a few buttons right from home. These are 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 – the last two being ULIP plans.

LIC customers can visit the website https://licindia.in for enquires and online services such as premium payment, buy online policies etc. All the registered users on the website can also view Policy Status, Bonus Status, Loan Status, Claims Status, Revival Quotation, Premium Due Calendar, Premium Paid Certificate, Claim History, etc.

The offices of LIC are currently operational with skeletal staff, whenever feasible, within the restrictions imposed by the local authorities. While other LIC employees are working from home.

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