Keeping in view the safety of its customers, the Life Insurance Corporation (LIC) has decided to offer relaxations in various claim settlement requirements to make the process easier and hassle-free. The relaxations will kick in from Monday.
To facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital, in lieu of municipal death certificates, the LIC has allowed alternate proofs of death such as death certificate, discharge summary/death summary containing clear date and time of death issued by the government/ESI/armed forces/corporate hospitals and counter-signed by LIC Class I officers or Development Officers of 10 years standing alongwith 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 has been waived for annuities due up to October 31, 2021, besides accepting life certificates sent through email in other cases.
The LIC has also introduced life certificate procurement through video calls. To address the difficulties experienced by the 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.
The LIC has also enabled online NEFT record creation and submission for its customers through the customer portal for speedy settlement.
In other changes, all LIC offices will work from Monday to Friday between 10 am and 5.30 pm from May 10, 2021 onwards, pursuant to the government notification 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., the policyholders can log on to www.licindia.in.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
Source link