The Life Insurance Corp of India (LIC) said that in the wake of "unforeseen difficulties" faced by people due to the COVID-19 outbreak, it will give a month-long extension to all its policyholders whose premium payments fall due in March and April. A small extension was also announced for policy premiums due in February.
"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 its statement on Saturday.
"For February premiums where grace period was expiring after 22nd March, relaxation is allowed upto 15th April."
Further, LIC said that 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 and payments would be made on an urgent basis. It said that it has already processed 16 death claims related COVID-19 as on Saturday.
COVID-19 fatalities have surpassed 200 in India.
"Corona virus has already claimed many lives and efforts are being made by LIC officials to locate Covid-19 victims on the basis of lists provided by government authorities to help the families," LIC said.