LIC defers premium payment date

The Life Insurance Corporation of India (LIC) has recently extended the deadline of payment of insurance premium of its policyholders to April 15, 2020.

In order to help policyholders pay their insurance premium within the stipulated time, the LIC has urged them to make their payments online by going to the official website of LIC.

After going to the LIC website, one should click on the ‘Pay Premium Online’ option present under the Online Services menu in the main page of the LIC website.

Observers say that it’s no big announcement. April 15 is when, supposedly, the lockdown will be lifted. Thousands of LIC insurance holders will be facing crises over salary payments and job security at the time. Had the payment deadline been relaxed by three months, say until June end, the decision would have been welcomed, said one.

“In view of the extraordinary circumstances prevailing in the country on account of COVID-19, LIC of India has announced relaxation to its policyholders in payment of premium due on in-force policies up to April 15,2020. Policyholders are requested to stay indoors and avoid visiting any office to pay premium. The policyholders of LIC can however use online services of LIC and click at to pay premium online,” the life insurer said in a statement.

The death toll due to COVID-19 in India rose to 14 on Thursday with more deaths reported from Gujarat and Kashmir.