Life Insurance coverage Company (LIC) of India relaxed fee of premium for insurance policies as much as April 15, 2020, if prospects are unable to pay on-line because of the coronavirus pandemic.
“LIC introduced that in view of prevailing extraordinary circumstances within the nation on account of COVID-19, it can give leisure to its policyholders in fee of premiums due on inforce insurance policies as much as 15th of April 2020 wherever prospects are unable to deposit on-line or in any other case,” it stated in a press release.
In the meantime, in messages to its prospects, the life insurance coverage behemoth has additionally been urging them to make use of on-line fee choices for fee of premium and mortgage instalment.
For banking providers too, the Reserve Financial institution of India had already been urging prospects to do on-line banking in order to make sure that they don’t have to maneuver out of their properties.
The life insurer has offered 2.14 crore insurance policies by March 17 this yr and is targetting sale of a complete of two.5 crore insurance policies by the tip of the fiscal.