LIC relaxes claim settlement requirements amid Covid crisis

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SME Times News Bureau | 07 May, 2021
Life Insurance Corporation of India (LIC) has given several relaxations in various claim settlement requirements to make the processes easier and hassle-free, keeping in view the safety of its customers amid the pandemic.

The state-run insurer said that to facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital, it has allowed alternate proofs of death such as death certificate, discharge summary or death summary containing clear date and time of death issued by the government, ESI, armed forces, corporate hospitals and counter-signed by LIC class I officers or Development Officers, instead of municipal death certificates.

In other cases, municipal death certificate will be required as earlier.

For annuities with return of capital options, production of life certificates is waived for annuities due up to October 31, 2021, besides accepting life certificates sent through email in other cases. LIC has also introduced Life certificate procurement through video call process, said a company statement.

To address the difficulties experienced by policyholders in submitting documents required for claim settlement in servicing branch, submission of documents has been allowed in any nearby LIC office for due maturity or survival benefit claims.

The LIC has also enabled online NEFT record creation and submission for its customers through customer portal for speedy settlement.

Further, it also said that all LIC offices will work from Monday to Friday between 10 a.m. to 5.30 p.m. from May 10 onwards.