Life Insurance Corporation (LIC) today said it has extended the grace period for policyholders for payment of renewal premium in the wake of demonetisation move, which has led to cash crunch and long queues at banks and post offices for exchanging now—invalid notes.
The government demonetised higher denomination notes of Rs. 500 and Rs. 1,000 from the midnight of November 8. “To ensure our policyholders do not experience difficulty to pay renewal premiums, LIC has given certain concessions,” the state-run insurance behemoth said in a statement here.
