LIC Eases Settlement Rules For All Policy Holders: Check Updated Rules
The Life Insurance Corporation of India (LIC) released a slew of claim settlement conditions that will make the procedure simpler and less stressful as keeping its consumers’ protection in mind during this COVID-19 pandemic as it enters its second wave.
LIC Speedy Settlement Of Death Claims
The insurer has also approved alternative proofs of death in place of local death certificates to help speed up the settlement of death claims in the current situation where the death occurred in a hospital, according to a statement.
A death certificate, discharge summary/death summary with valid date and time of death provided by government/ESI (employees’ state insurance) /armed forces/corporate hospitals and counter-signed by LIC class I officers or development officers of 10 years standing are the other proofs of death.
According to the release, this must be submitted along with a cremation/burial certificate or an authentic identifying receipt provided by the appropriate authority.
The municipal death certificate will still be needed in other situations, according to the statement.
Maturity Or Survival Benefit Claims
Due to policyholders’ difficulties in submitting documents needed for claim settlement in the servicing division, the insurer now allows policyholders to send documents for due maturity/survival value claims at any nearby LIC office.
For annuities with a return of capital options, production of life certificates is waived for annuities due up to October 31, 2021, besides accepting life certificates sent through email in other cases, the release said.
Life Certificate Procurement
LIC has also introduced life certificate procurement through a video call process. For faster settlement, the life insurer has also allowed online NEFT record creation and submission for its customers through a customer portal.
It also added that policyholders can use its website, www.licindia.in, to purchase insurance plans, pay maintenance premiums, apply for loans, repay loans and interest, and change addresses, among other things.
From May 10, 2021, all of the insurer’s offices will be open from 10 a.m. to 5:30 p.m., Monday through Friday.