LIC relaxes claim-settlement documentation process considering covid-19 outbreak
Premium- It has allowed the submission of alternative proof of death to facilitate speedy settlement of claims where death has occurred in a hospital
NEW DELHI : Amid the second wave of the covid-19 pandemic, and keeping in view the safety of its customers, the Life Insurance Corporation of India (LIC) has further relaxed its claim-settlement procedures.
According to a statement issued by LIC on 7 May, it has allowed the submission of alternative proof of death to facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital. In place of municipal death certificates, claimants can now submit documents "such as death certificate, discharge summary/death summary containing a 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 along with cremation/burial certificate or authentic identifying receipt issued by the relevant authority".
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In other cases, municipal death certificate will be required as earlier.
Life certificates
For Annuities with return of capital options, production of life certificates is waived for annuities due up to 31 October 2021, besides accepting life certificates sent through email in other cases. LIC has also introduced life certificate procurement through a video call process.
To address the difficulties experienced by 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 statement said.
LIC has also enabled online NEFT record creation and submission for its customers through the customer portal for speedy settlement.
Further, LIC has also given some relief to its employees, the statement said, "All LIC offices will work from Monday to Friday between 10 am and 5.30 pm from 10 May 2021 onwards according to government notification dated 15 April 2021 declaring every Saturday as a public holiday for LIC."
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