Relief For Insurance Policyholders: LIC Announces Relaxation On Claim Settlement Requirements

New Delhi: 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 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 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.