Business Daily from THE HINDU group of publications
Wednesday, Dec 10, 2008
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Business Daily from THE HINDU group of publications Wednesday, Dec 10, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Life Insurance Industry & Economy - Terrorism Oberoi staff death claims to cost LIC Rs 55 lakh
Manish Basu Kolkata, Dec. 9 The Life Insurance Corporation of India may face claims to the tune of Rs 55 lakh from the death of employees of EIH Ltd killed in the Mumbai terror attack at the Oberoi Trident, according to sources from LIC. “According to EIH estimates, 12 claims have been identified so far from the employees killed during the terror strike at the Oberoi Trident hotel and the total claim to be settled by us may amount to Rs 50-55 lakh,” a senior LIC official told Business Line. Over 5,200 employees of EIH all over the country are currently insured under LIC’s group gratuity schemes. The Corporation has no exposure under group insurance in the Taj — the other hotel attacked, sources said. LIC will be committed to settling all claims within 12 hours of their submission by EIH, the LIC official said. ‘National tragedy’“As this is an incident of national tragedy, we will waive all procedural evidence and any alternative evidence such as a newspaper publication of the victims’ names and certificates from authorised hotel officials will be accepted in order to speed up the settlements,” he said. While all victims may get an average Rs 3.5 lakh, which is the qualifying amount for the employer to get income tax benefits, some claims may go up to Rs 7-8 lakh, depending upon the last drawn salary, as EIH has unlimited gratuity option with LIC, he added. LIC is the largest gratuity fund provider in the country with a corpus of nearly Rs 38,000 crore. The corporation earned new premium incomes of Rs 1,200 crore as on November 30 in 2008-09 under group gratuity schemes. It has sold 1,200 gratuity schemes and covered 7,30,000 lives during the period. Insurance cos bracing for large claims Taj, Oberoi to redeploy employees in group hotels More Stories on : Life Insurance | Terrorism | Hotels
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