Business

LIC eases claims settlement requirements


In view of the current pandemic situation, Life Insurance Corporation of India (LIC) has announced relaxations in various claim settlement requirements.

Where a death occurs in a hospital, in lieu of the municipality-issued death certificate, the insurer has allowed alternative proofs of death.

In other cases, the municipality death certificate would be required as before, LIC said.

For annuities with return of capital options, the insurer has waived production of life certificates 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 calls.

For claim settlement in a servicing branch, submission of documents has been allowed in any nearby LIC office for due claims.

LIC said from May 10, 2021, its offices will function from Monday to Friday between 10 am and 5:30 pm as per a government notification.



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