New LIC rules on claim settlement, death certificate, annuities, office hours kick in from today, May 10 –Check details here
news 2 min read
New Delhi: In the wake of the second wave of the COVID-19 Pandemic, Life Insurance Corporation of India (LIC) has come out with various relaxations in different claim settlement requirements to make the processes easier and hassle free for its policy holders.
India is facing the world’s worst outbreak of COVID-19 cases with more than 3 lakh new daily COVID-19 cases being reported for two weeks now and the new cases reached more than 4 lakh new daily cases over the weekend.
In order to facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital, in lieu of Municipal death certificates, Life Insurance Corporation of India has allowed alternate proofs of death.
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 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 is waived for annuities due up to 31.10.2021, 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 10th May, 2021 onwards.
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., policyholders can log on to www.licindia.in.
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