In the wake of the Centre’s demonetisation move scrapping high value currencies, life Insurance Corporation (lIC) has extended grace period for premium payment. As per the revised policy, renewal premium of policies where grace period ends between November and November 30 can now be paid without penal interest if paid before November 30, 2016. The submission of other requirements i.e. declaration of good health or medical reports, if required under such policies, is also waived up to November 30, said senior divisional manager (SDM) of life Insurance Corporation (lIC), Dehradun division, Ramesh Chandra while interacting with the newspersons on Saturday.
He said that the corporation has extended the grace period for policyholders for payment of renewal premium in the wake of demonetisation move, which has led to cash crunch and long queues at banks and post offices for exchanging now-invalid notes.
Notably, the Centre demonetised higher denomination notes of Rs 500 and Rs 1,000 from the midnight of November 8. “To ensure that our policyholders do not face difficulty to pay renewal premiums, lIC has given certain concessions,” he added.
He further said that Jeevan Akshay-VI is an immediate annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities, he said, adding that the minimum allowed age is 30 years (completed). Earlier maximum allowed age at entry was 85 years (completed), but it has been extended till 100 years, he added.