Fighting Covid-19 crisis: LIC customers get more time to pay premium

Life Insurance Corporation (LIC) policyholders get one more month to renew their policies where the premium payment falls between March and April, the state-run insurance behemoth said on Saturday.
 

It had earlier allowed a grace period — till March 22 — to customers with premium due in February. This has also been extended till April 15 in light of the coronavirus disease (Covid-19) crisis.
 

With death toll increasing each day, LIC has said all death claims related to Covid-19 would be treated on a par with other causes of death and payments would be made on an urgent basis.
 

In the financial year 2019-20 (FY20), LIC settled more than 750,000 death claims with 0.75 per cent of the claims remaining outstanding.
 

“LIC has also ensured that policy payments like survival benefit, policy maturity and annuities are made to policyholders on due date by crediting the amount into the bank account registered with LIC. These payments were more than 20 million in numbers in FY20,” it said.
 

The insurer said if policies can be renewed, it should be done online. Policyholders can pay their premiums through any of the insurer’s digital payment options, including the LIC Pay Direct app, with no service charge.
 

Moreover, policy premiums will be accepted through net banking, debit card, credit card, and apps such as Paytm, PhonePe, Google Pay, BHIM, and UPI.
 

“Premiums can also be paid at all IDBI and Axis Bank branches and in cash through Common Service Centres, operating at block level,” LIC said.
 

To ensure that people have enough cover during this crisis, LIC is offering five of its products through the online channel which includes Tech Term, a pure protection product, Jeevan Shanti, an annuity plan, Cancer Cover, and two unit linked policies — SIIP and Nivesh Plus.