Money & Banking

LIC further relaxes claim settlement process

Our Bureau Mumbai | Updated on May 07, 2021

Announces five-day week from May 10

Amidst the second wave of the Covid-19 pandemic surging across the country, Life Insurance Corporation of India has further relaxed processes for settlement of claims.

To facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital, LIC will accept alternate proofs of death instead of a death certificate issued by the municipal authorities.

Alternate proofs of death would include death certificate, discharge summary or death summary containing clear date and time of death issued by the government, ESI, Armed Forces or corporate hospitals and counter-signed by LIC class I officers or Development Officers of 10 years standing along with the cremation or burial certificate or authentic identifying receipt issued by the relevant authority.

“In other cases, Municipal Death Certificate will be required as earlier,” LIC said in a statement on Friday.

Life certificates

For Annuities with return of capital options, production of life certificates is waived for annuities due up to October 21 this year, it further said.

LIC would also accept life certificates sent through email in other cases and has introduced life certificate procurement through 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.

LIC further said that starting May 10, all its offices will work from Monday to Friday between 10 am and 5:30 pm. Saturdays will be a public holiday for LIC.

Published on May 07, 2021

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