LIC extends premium payment time till April 15 amid curbs to contain spread of Covid-19
New Delhi: As multiple states have announced lockdown to contain the spread of Covid-19, state-owned insurance behemoth Life Insurance Corporation of India (LIC) has exempted all premium dues for its customers until April 15. With multiple states announcing lockdown, finances and the ability of policyholders to pay premium has been impacted.
On Sunday, nearly 75 districts in multiple states where coronavirus cases have been found announced complete lockdown closing offices, public transport services, shops, markets except essential services.
According to a report in the Economic Times, LIC on Sunday said that the decision was taken “in view of prevailing extraordinary circumstances in the country on account of Covid-19.” This is welcome news for policyholders as the state-owned insurance behemoth controls three-fourths of the life insurance market.
“…it will give relaxation to policyholders in payment of premiums due on inforce policies up to 15th of April 2020 wherever customers are unable to deposit online or otherwise,” the publication quoted LIC as saying in a statement.
The government has introduced several measures to curb the community spread of the virus such as restricted use of public transport, imposition of section 144 in several states, and mandatory work from home for professionals in the country. In India, the total number of detected cases is now close to 400.
Worth mentioning here is that banks have also imposed restrictions on the movement of employees and their interaction with customers to protect them from the virus. Only basic banking services are available.