Simplified Settlements for LIC Claims

State-run Life Insurance Corporation of India (LIC) Friday announced a few relaxations in claim settlement requirements, making the process easier and hassle-free. This is done keeping in mind the safety of its customers amid the second wave of the COVID-19 pandemic.

As per a release, in order to facilitate speedy settlement of death claims in the current situation, where death has occurred in a hospital, the insurer has allowed alternate proofs of death instead of municipal death certificates.

The other proof of death includes a 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.

It further said that in other cases, the municipal death certificate will be required as earlier.

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

The 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 other services, it said.

Apart from accepting life certificates sent through email in other cases, for annuities with a return of capital options, production of life certificates is waived for annuities due up to October 31, 2021.

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

It has also introduced life certificate procurement through a video call process.

LIC informed that all its offices will be open from Monday to Friday between 10 AM to 5:30 PM from May 10, 2021 onwards.

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Krishna Rath is a SEBI Registered Investment Adviser, and since 2015 has been educating netizens on investments and insurance. Krishna is a fee only SEBI RIA and is Odisha's first SEBI RIA. With background in IT, Krishna is changing the advisory space with new innovations in AdvisoryTech.

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