LIC relaxes claim settlement requirements; offices to work five days a week from May 10

By: |
May 08, 2021 8:19 AM

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

LIC has also introduced Life certificate procurement through video call process.

Keeping in view the safety of its customers, LIC has given relaxations in various claim settlement requirements to make the processes easier and hassle free.

To facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital, in lieu of municipal death certificates, LIC has allowed alternate proofs of death such as 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.

All LIC offices will work from Monday to Friday between 10 am and 5:30 pm from May 10, 2021 onwards pursuant to a government notification dated April 15, 2021, declaring every Saturday as a public holiday for LIC.

Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Now Google Pay users can buy SBI Arogya Sanjeevani health insurance plan for self and family on the go
2Features, benefits and key watchouts before buying Super Top Up health insurance plan
3Life Insurance: Private life insurers set to post strong growth in FY22