India markets open in 8 hours 37 minutes
  • BSE SENSEX

    52,344.45
    +21.15 (+0.04%)
     
  • Nifty 50

    15,683.35
    -8.05 (-0.05%)
     
  • Dow

    33,290.08
    -533.32 (-1.58%)
     
  • Nasdaq

    14,030.38
    -131.02 (-0.93%)
     
  • BTC-INR

    2,590,476.75
    -48,299.75 (-1.83%)
     
  • CMC Crypto 200

    888.52
    -51.42 (-5.47%)
     
  • Hang Seng

    28,801.27
    +242.67 (+0.85%)
     
  • Nikkei

    28,964.08
    -54.22 (-0.19%)
     
  • EUR/INR

    87.9706
    -0.3749 (-0.42%)
     
  • GBP/INR

    102.3560
    -0.9080 (-0.88%)
     
  • AED/INR

    20.1420
    -0.0010 (-0.00%)
     
  • INR/JPY

    1.4834
    -0.0006 (-0.04%)
     
  • SGD/INR

    55.0800
    -0.1820 (-0.33%)
     

LIC New Rule for Life Certificates, Annuities, Claim Settlements Amid COVID. Know Details

·2-min read

To make claim-settlement process easier and hassle-free, the Life Insurance Corporation (LIC) has announced various relaxations. The move came after the second wave of coronavirus pandemic had severely affected the entire country.

Earlier, it was mandatory to submit death certificates issued by the municipal corporation to settle claims from the insurer. To facilitate faster settlements of death claims amid COVID-19 pandemic, the LIC has allowed alternate proofs of deaths. Now policyholders can submit discharge summary/death summary containing clear date and time of death issued by the government/ESI/armed forces/corporate hospitals and counter-signed by LIC Class I officers or Development Officers of 10 years standing. Alongwith this, the cremation/burial certificate or authentic identifying receipt issued by the relevant authority, needs to be attached, the insurance company said.

In other cases, municipal death certificate will be required as earlier, LIC mentioned.

“For annuities with return of capital options, production of life certificates has been waived for annuities due up to October 31, 2021, besides accepting life certificates sent through email in other cases,” the insurer said.

Now, LIC customers can submit the documents in nearby branches to speed up the claim-settlement process. “To address the difficulties faced by the policyholders in submitting documents for claim settle in servicing branch, submission of documents has been allowed any nearby LIC office for due maturity or survival benefits,” LIC said.

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

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., the policyholders can log on to www.licindia.in.

All LIC offices will work from Monday to Friday between 10 am and 5.30 pm from May 10, 2021 onwards, pursuant to the government notification declaring every Saturday as a public holiday for LIC, the insurer said.

Purusant to a notification on April 15, 2021, wherein the central government has declared every Saturday as a public holiday for Life Insurance Corporation of India, all policy holders and other stakeholders are informed that w.e.f May 10, all offices of LIC will work from Monday to Friday, it said in a public notice.

“Starting May 10, 2021, office hours from Monday to Friday would be 10 AM to 5:30 PM,” it added.

Read all the Latest News, Breaking News and Coronavirus News here

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting