Life Insurance Corporation (LIC) of India relaxed payment of premium for policies up to April 15, 2020, if customers are unable to pay online due to the coronavirus pandemic.

"LIC announced that in view of prevailing extraordinary circumstances in the country on account of COVID-19, it will give relaxation to its policyholders in payment of premiums due on inforce policies up to 15th of April 2020 wherever customers are unable to deposit online or otherwise," it said in a statement.

Meanwhile, in messages to its customers, the life insurance behemoth has also been urging them to use online payment options for payment of premium and loan instalment.

For banking services too, the Reserve Bank of India had already been urging customers to do online banking so as to ensure that they do not have to move out of their homes.

The life insurer has sold 2.14 crore policies by March 17 this year and is targetting sale of a total of 2.5 crore policies by the end of the fiscal.