Life Insurance Corporation of India (LIC) has recently announced relaxations for the people affected by Cyclone Biparjoy in the following ways:

• LIC has extended the grace period for premium payment. Policyholders now have an extended time period of 60 days, instead of the usual 30 days, to pay their premiums. This will prevent policy lapse due to non-payment of premiums during the time of crisis.
• LIC has also waived off all late payment fees for premium payments made during the cyclone affected period.
• The policyholders affected by Cyclone Biparjoy can avail policy loans to meet their financial needs. LIC has announced that they will process such loans on a priority basis, without any requirement for guarantors, subject to policy terms and conditions.
• In cases where the policyholders are unable to pay the loan instalments due to the impact of the cyclone, LIC has said that they will consider a moratorium period of six months, without any additional charges or interest.

These relaxations by LIC are a welcome step for the people affected by Cyclone Biparjoy, offering financial relief during this challenging time.