India's largest life insurance company and domestic institutional investor Life Insurance Corporation of India (LIC) has said that it will not take Convenience Fee on credit card payments. It has come into effect from 1 December. LIC wants to promote digital payments through this. LIC said that if a policyholder pays by credit card for renewal premium, new premium or loan or interest repayment, holder will not have to pay any additional charge from December 1.
Life Insurance Corporation of India has said in its release that this facility of free transaction under credit card will be applicable on every mode of collection of money whether it is cardless payment or by swiping the card or through the point of sale machine.
LIC has also given huge relief to those policy holders whose policy has been lapse for more than two years. Such lapsed policy can also be introduced by the policy holder now. In a tweet, Life Insurance Corporation of India said, 'LIC has brought an opportunity for policy holders to revive the lapsed policy. Lapsed was not allowed to be revived for more than two years, but now it can be revived.'