Coronavirus in India: LIC extends premium payment deadline

The Life Insurance Corporation of India (LIC) has announced a month-long extension for all policyholders whose premiums fall due in March and April in wake of “unforeseen difficulties” faced by people due to the coronavirus. The insurance major has also announced a further retrospective relaxation till April 15th for those customers whose premiums were due in February and given a grace period till March 22nd. “To mitigate the hardships being faced by policyholders in payment of premium, LIC has announced that for all policies, where premium is due in the month of March and April 2020, grace period has been extended by one month,” LIC said in a statement on Saturday. “For February premiums where grace period was expiring after 22nd March, relaxation is allowed upto 15th April.” Moreover, all covid-19 related deaths would come under the scope of existing and new policy covers and would be treated at par with other deaths.