LIC relaxes claim settlement norms

Insurance major Life Insurance Corporation of India (LIC) on Friday said it is relaxing certain claim settlement requirements to make the process easier and hassle free.

Stating that the relaxations are being introduced to ensure safety of customers in the current pandemic situation, a release said to facilitate speedy settlement of death claims, it is allowing alternate proofs in lieu of municipal certificates in cases where the death has occurred in a hospital.

The other documents include death certificate, discharge summary/death summary containing clear date and time of death issued by government/ESI/armed forces/corporate hospitals and counter-signed by LIC class I officers or Development Officers of 10 years experience. They have to be submitted with the cremation/burial certificate or authentic identifying receipt issued by the relevant authority.

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, besides accepting life certificates sent through email in other cases. LIC has also introduced a video call process for life certificate submission. Towards addressing difficulties in submitting documents required for claim settlement in servicing branch, it is permitting policyholders to submit the documents at any nearby LIC office to claim due maturity/survival benefit.

All LIC offices will work Monday-Friday between 10 a.m. to 5.30 p.m. from May 10 pursuant to a government notification declaring every Saturday as a public holiday for the company, the release said.

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Printable version | Jun 14, 2021 2:39:03 AM | https://www.thehindu.com/news/cities/Hyderabad/lic-relaxes-claim-settlement-norms/article34509242.ece

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