1. LIC settles claims of Uri martyrs in less than a week

LIC settles claims of Uri martyrs in less than a week

In a show of solidarity towards soldiers martyred in the Uri attack, LIC today said it has expeditiously settled the insurance claims on its own after obtaining necessary documents.

By: | New Delhi | Published: October 4, 2016 3:36 PM
Nine of the 18 martyrs had LIC individual policies which were settled immediately by handing over cheques to the nominees personally by LIC officers, the insurer said. (PTI) Nine of the 18 martyrs had LIC individual policies which were settled immediately by handing over cheques to the nominees personally by LIC officers, the insurer said. (PTI)

In a show of solidarity towards soldiers martyred in the Uri attack, LIC today said it has expeditiously settled the insurance claims on its own after obtaining necessary documents.

“LIC officials scanned the names in the policy masters and traced the families of those martyrs. Officials were deputed to convey heart-felt condolences,” LIC said in a statement.

“They also collected necessary papers for documentation and after ascertaining the nominees, the claims were promptly settled without delay.”

The insurance claims were settled in less than a week of the attack on September 18, in which 18 soldiers lost their lives. All the claims were settled by September 24, it said.

Nine of the 18 martyrs had LIC individual policies which were settled immediately by handing over cheques to the nominees personally by LIC officers, the insurer said.

In another statement, the public insurance company said MDRT through its director (global markets) awarded a plaque to LIC for being number one company in the world in terms of maximum qualifying and registered agents for MDRT.

Eryn Carter, Director Global Markets at MDRT, presented the plaque to LIC Chairman (in-charge and MD) V K Sharma in presence of Managing Director Usha Sangwan and Executive Director (corporate communications) S N Bhattacharya.

The Million Dollar Round Table (MDRT), founded in 1927, is the premier association of financial professionals. It is an international and independent association of more than 43,000 of the world’s leading life insurance and financial services professionals from more than 500 companies in 67 countries.

LIC topped the 2016 list of top 100 companies as drawn up by MDRT. No other Indian company appears in the top 10.

  1. S
    SKSethi
    Oct 7, 2016 at 3:29 pm
    Life Insurance Companies do not insure those working in armed forces. Was the policy issued ?
    Reply
  2. K
    K.Mundanad
    Oct 28, 2016 at 2:09 am
    The speed with which LIC has settled this claim is indeed admirable! It is suggested that LIC publish a monthly statement, within 15 days from the end of each month, data showing: 1.the number of opening outstanding claims, 2. No. of claims received during the month, 3. No. of claims rejected, and/or under dispute, during the month 4. No. of closing outstanding claims at the end of the month and 5. Brief details of the longest, (say) for one year, or more, of the outstanding claims.2. It is reported that LIC is proposing to advance 'soft loan' at 7 % interest per year, to AIR INDIA, which is in its sunset years, apparently at the behest of the Center. In the interest of its stake-holders of LIC, namely policy holders, their consent may be obtained.
    Reply

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