Money & Banking

LIC settles 16 death claims under Covid19

G Naga Sridhar Hyderabad. April 11 | Updated on April 11, 2020

Life Insurance Corporation of India (LIC) has settled 16 death claims across the country under Covid19 so far.

Coronavirus has already claimed many lives and efforts were being made by LIC officials to locate Covid19 victims on the basis of lists provided by government authorities to help the families, LIC said on Saturday.

``Already, death claims due to Covid-19 under 16 policies have been settled without losing any time,'' the state insurer said.

The corporation has also further assured its policyholders that the death claims arising due to COVID-19 should be treated at par with other causes of death and payments shall be made on an urgent basis.

To mitigate the hardships being faced by policyholders towards payment of premium that is due in the month of March and April, grace period has been extended by one month. For February premiums where grace period was expiring after March 22, relaxation is allowed up to April 15.

Further, wherever policies can be revived without any evidence of good health, this can also be done online. LIC’s policyholders can pay premiums through any of digital payment options without any service charge.

Policyholders do not need to register on the website for paying premium but can directly pay by giving basic details. Premiums can also be paid by downloading mobile app LIC Pay Direct.

Policy premiums are accepted through Net banking, Debit Card, Credit Card, and on payment apps such as Paytm/PhonePe/Google Pay/BHIM /UPI. Premiums can also be paid at all IDBI and Axis Bank branches and in cash through Common Service Centres (CSC), operating at block level, LIC said.

Published on April 11, 2020

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