Categories: Economy

LIC eases rules to speed up settlement of death claims amid surge in Covid-19

LIC has eased its rules to speed up settlements of death claims in view of the unprecedented situation created by the coronavirus pandemic.

According to a finance ministry statement, in cases where a death has occurred in a hospital, in lieu of Municipal death certificates, LIC has allowed alternative proofs of death such as: Death certificate, Discharge summary/Death summary containing clear date and time of death issued by Govt/ESI/Armed Forces/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.

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 31.10.2021, besides accepting life certificates sent through email in other cases. LIC has also introduced Life certificate procurement through video call process.

To address the difficulties experienced by policyholders in submitting documents required for claim settlement in the servicing branch, submission of documents has been allowed in any nearby LIC office for due Maturity/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 onwards pursuant to Government notification dated 15th April, 2021 declaring every Saturday as a public Holiday for LIC.

For availing online services like Purchasing Insurance Policies, Payment of renewal premium, applying for loan, repayment of loan and loan interest, change of address, NEFT mandate registration, updating details of PAN etc., policyholders can log on to www.licindia.in.

&ldquo;In the current pandemic situation, keeping in view the safety of its customers, LIC has given these relaxations in various claim settlement requirements to make the processes easier and hassle free,&rdquo; the statement said.