LIC waives off charges on credit card payments

Life Insurance Corporation (LIC) has clarified that any credit card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee, effective December 1.
 
LIC, which controls over 70 percent of the life insurance market, has waived off the convenience fee on all payments to the national insurer, from December 1. 
 
LIC in its statement said that any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee, from December 1. 
 
"This facility of free transactions using credit cards shall be applicable to and implemented across all collecting systems-card less payment and card dip/ swipe on point of sale machines," LIC said in a statement. 
The company added that customers can download the MyLIC App to for online transactions.
 
Earlier, LIC had allowed policyholders to revive their policies that have lapsed more than two years. "LIC brings an excellent opportunity for all its policyholders to revive their lapsed policies. The policies which have lapsed for more than two years and were not allowed to be revived earlier can also be revived now," LIC said in a tweet.

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