LIC relaxes documentation norms in order to speed up claim settlements

NEW DELHI:  With the second wave of the Covid-19 pandemic claiming a large number of lives, the Life Insurance Corporation of India (LIC) has announced that it is further relaxing the requirements for its claim-settlement procedures in order to help facilitate speedy settle of claims.

These steps were taken after receiving a series of representation from the policy holders. 

According to a statement issued by the LIC this week, since people are struggling to get death certificates, the agency has allowed the submission of alternative proofs of death in order to facilitate speedy settlement in the case of death claims.

In the 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,” the notification said.

This has to be submitted along with a cremation/burial certificate or authentic identifying receipt issued by the relevant authority.

However, it added, in other cases, municipal death certificate will be required as earlier. Apart from this, the agency has relaxed a few other related norms too.

For instance, in the case of Annuities with return of capital options, production of life certificates is waived for annuities due up to October 31, 2021.

It has also permitted the acceptance of life certificates sent through emails and introduced life certificate procurement through video calls. 

“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 added.

Policyholders can also log on to its website www.licindia.in to avail of its services. 

The LIC has also relaxed working norms for its employees, keeping in mind the lockdown introduced in various places across India.