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Home / Business News / LIC declares relaxation for premium payments amid coronavirus crisis

LIC declares relaxation for premium payments amid coronavirus crisis

“In view of prevailing extraordinary circumstances in the country on account of Covid-19, LIC will give relaxation to its policyholders in payment of premiums due on inforce policies up to April 15, 2020, wherever customers are unable to deposit online or otherwise,” the life insurer said in a statement.       

business Updated: Mar 22, 2020 18:35 IST
Press Trust of India
Press Trust of India
Mumbai
File photo of the Life Insurance Corporation of India (LIC)'s logo.
File photo of the Life Insurance Corporation of India (LIC)'s logo.(Wikipedia)

To help policyholders who are unable to pay insurance premium on time due to the coronavirus outbreak, state-run insurer Life Insurance Corporation (LIC) has extended the deadline up to April 15, 2020.    

“In view of prevailing extraordinary circumstances in the country on account of Covid-19, LIC will give relaxation to its policyholders in payment of premiums due on inforce policies up to April 15, 2020, wherever customers are unable to deposit online or otherwise,” the life insurer said in a statement.       

To contain the spread of the novel coronavirus, a majority of the states have asked people to maintain social distancing and avoid travel unless necessary.     

Prime Minister Narendra Modi also called for a ‘Janta curfew’ between 7 am to 9 pm on Sunday. The total number of novel coronavirus cases in India has surged to 341, according to recent figures released by the Union Health Ministry.