LIC relaxes claim settlement requirements amid Covid crisis

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Given the current Covid-19 situation in India, state-owned insurance giant LIC has given relaxations in various claim settlement requirements to make the processes easier and hassle-free keeping in view the safety of its customers.

“To facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital, instead of municipal death certificates, LIC has allowed alternate proofs of death including death certificate, discharge summary or death summary containing clear date and time of death issued by government or ESI or armed forces or corporate hospitals and counter-signed by LIC class I officers or development officers of 10 years standing along with cremation/burial certificate or authentic identifying receipt issued by the relevant authority,” the finance ministry said in a statement.

In other cases, municipal death certificates 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 a video call process.

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

Further, all LIC offices will work from Monday to Friday between 10 AM to 5:30 PM from 10th May 2021. For availing online services like purchasing insurance policies, payment of renewal premium, applying for a loan, repayment of loan and loan interest, change of address, NEFT mandate registration, updating details of PAN etc, policyholders can log on to licindia.in.