Page 12 - Insurance Times April 2020

LIC of India

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Coronavirus in India: LIC K. Kadiresan, LIC zonal manager (Specialist) - 2020 scheduled for 4th
extends premium payment explained the features of the two April, 2020 is postponed till further
deadline policies. According to him, the Nivesh instructions.”
The Life Insurance Corporation of India Plus Plan is a single premium, non- LIC to give Rs.2,710 cr Covid
(LIC) has announced a month-long participating, unit-linked, individual life
insurance plan offering insurance cum advance to 6.65 lakh
extension for all policyholders whose
premiums fall due in March and April in investment during the term of the agents
wake of “unforeseen difficulties” faced policy. It starts with a minimum 1lakh LIC will be releasing around Rs.2,710
in single premium mode. The sum
by people due to the coronavirus. crore as advance to over six lakh agents.
assured options are 1.25 times the
The insurance major has also Single Premium or 10 times the Single “The Corporation has agreed to release
announced a further retrospective Premium. Rs.50,000 as advance commission to
relaxation till April 15th for those over six lakh agents as Covid-19 social
customers whose premiums were due The LIC SIIP is more a regular insurance/ advance,” Singarapu Srinivas,
investment plan, with minimum
in February and given a grace period till President, Life Insurance Agents
March 22nd. premium of ¹ 40,000 (for yearly mode) Federation of India (LICAF), told.
with no maximum premium limit. The
“To mitigate the hardships being faced proposer can choose the amount of Those agents who have completed five
by policyholders in payment of premium. Upon the completion of years of service are eligible to receive
premium, LIC has announced that for specified policy years, guaranteed the advance. Out of the 12 lakh agents
all policies, where premium is due in the additions as a percentage of annualised in the country, 6.65 lakh agents will
month of March and April 2020, grace premium shall be added to the Unit benefit by this decision.
period has been extended by one Fund under an in-force policy. The basic
month,” LIC said in a statement on sum assured, offered for ages below 55 Coronavirus outbreak: LIC
Saturday. “For February premiums years, is 10 times annualised premium contributes over Rs 100
where grace period was expiring after and, for ages 55 years and above it is 7 crore to PM CARES Fund
22nd March, relaxation is allowed upto times annualised premium.
15th April.” LIC postpones LIC AE AAO LIC has contributed Rs 105 crore to the
PM CARES Fund amid the coronavirus
LIC launches two new Prelims Exam 2020 outbreak. Of the total amount, Rs 5
ULIPs, opens two new LIC has postponed the preliminary exam crore has been donated from the LIC's
offices in Puducherry for the post of Assistant Administrative Golden Jubilee Fund, LIC said in a
statement. "We will take every step to
LIC has launched two new unit-linked Officer (AAO) Specialist, Assistant ensure safety and security of the people
plans, Nivesh Plus and SIIP, while Engineers (A.E) Examination on its and relief for the affected," LIC
opening two new offices in Puducherry. official website. The short notification Chairman M R Kumar said.
Chief Minister V. Narayanasamy has released by the Life Insurance India is facing a huge challenge owing
marked the opening of a city sales office Corporation of India (LIC) states, “The to the global pandemic, which is
for LIC credit cards and a BIMA Connect Preliminary Examination for the unprecedented in its severity, he added.
office on Chetty Street. Recruitment of Asst Engineers/AA/ AAO

12 The Insurance Times, April 2020