LIC eases claim settlement norms

Hyderabad: Keeping in view the safety of its customers during the current pandemic situation, LIC has given following relaxations in various claim settlement requirements to make the processes easier and hassle-free.

To facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital, in lieu of Municipal death certificates, LIC has allowed alternate proofs of death such as: death certificate, discharge summary/death summary containing clear date and time of death issued by Govt/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, death certificate issued by the Municipal Department will be required as earlier.

For annuities with 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. LIC has also 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 for due maturity/survival benefit claims.

LIC has also enabled online NEFT record creation and submission for its customers through customer portal for speedy settlement.

Further, all LIC offices will work from Monday to Friday between 10 AM to 5:30 PM from May 10, 2021 onwards pursuant to the central government notification, declaring every Saturday as a public holiday for LIC.