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LIC relaxes claim settlement requirements

07-May-2021

Keeping in mind safety of its customers amid the second wave of the COVID-19 pandemic, state-run Life Insurance Corporation of India (LIC) Friday announced a slew of relaxations in claim settlement requirements, making the process easier and hassle free. In order to facilitate speedy settlement of death claims in the current situation where death has occurred in a hospital, in lieu of municipal death certificates, the insurer has allowed alternate proofs of death, a release said.

The other proofs of death include death certificate, discharge summary/death summary containing clear date and time of death issued by government/ESI (employees’ state insurance) /armed forces/corporate hospitals and counter-signed by LIC class I officers or development officers of 10 years standing.

This has to be submitted along with a cremation/burial certificate or authentic identifying receipt issued by the relevant authority, the release said.

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

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

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, the release said.

LIC has also introduced life certificate procurement through video call process.

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

It said policyholders can also log on to its website - www.licindia.in for buying insurance policies, payment of renewal premium, applying for loans, repayment of loan and loan interest and change of address, among others services.

Source : Economic Times