India’s biggest life insurer LIC India has extended the grace period for payment of premium for all policies. With this, policies which were due for renewal on February 15 can be renewed till April 15 and policies due for renewal in March and April can be renewed till May and June respectively.
That means, policyholders will get two months over and above the due date to renew their existing insurance policies. This decision has come in the wake of extension of lockdown announced by many states.
The life insurer also said that the policyholders can pay premiums through any of its digital payment options without any service charge. “Policyholders do not need to register on the website for paying premium but can pay directly by giving basic details,” it added.
LIC said that policyholders can pay their premiums online through banking, debit card, credit card or apps such as LIC Pay Direct, Paytm, PhonePe, Google Pay, BHIM, UPI and so on. Premiums can also be paid at all IDBI and Axis Bank branches and in cash through Common Service Centres, operating at block level.
Further, LIC India said that it has settled 16 death claims arising out of coronavirus so far.