In a public notification, the Life Insurance Corporation of India stated that it does not impose any fines on customers who fail to update their Know Your Customer (KYC) information for life insurance policies. The warning follows the spread of false information on social media that targets consumers.
LIC in a tweet stated: “LIC would like to clarify that although we encourage our policyholders to update their KYC details to help us serve you better, there are no penalty charges levied ..
