Amid Covid, LIC relaxes claim settlement requirements from Monday


Keeping in view the safety of its customers, the Life Insurance Corporation (LIC) has made up our minds to offer relaxations in quite a lot of claim settlement requirements to make the process easier and hassle-free. The relaxations will kick in from Monday.

To facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital, in lieu of municipal death certificates, the LIC has allowed alternate proofs of death such as death certificate, discharge abstract/death abstract containing lucid 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 cremation/burial certificate or authentic identifying receipt issued by the applicable authority.

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

For annuities with return of capital options, production of life certificates has been waived for annuities due up to October 31, 2021, but even so accepting life certificates sent through email in other cases.

The LIC has also introduced life certificate procurement through video calls. To address the difficulties experienced by the policyholders in submitting documents required for claim settlement in the servicing department, submission of documents has been allowed in any nearby LIC office for due maturity/survival benefit claims.

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

In other changes, 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 each and every Saturday as a public holiday for LIC.

For availing online products and 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

(Only the headline and picture of this outline may have been reworked by the Commerce Standard staff; the remainder of the satisfied is auto-generated from a syndicated feed.)

Dear Reader,

Commerce Standard has all the time strived tough to supply up-to-date information and observation on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and fixed feedback on how to make stronger our offering have only made our unravel and commitment to these ideals stronger. Even right through these difficult times arising out of Covid-19, we continue to remain dedicated to keeping you informed and up to date with credible news, authoritative views and incisive observation on topical issues of relevance.

We, alternatively, have a request.

As we battle the economic affect of the pandemic, we need your strengthen even more, in order that we will continue to give you more quality satisfied. Our subscription mannequin has seen an encouraging response from many of you, who have subscribed to our online satisfied. More subscription to our online satisfied can only help us achieve the goals of offering you even better and more applicable satisfied. We consider in free, reasonable and credible journalism. Your strengthen through more subscriptions can help us practise the journalism to which we are dedicated.

Fortify quality journalism and subscribe to Commerce Standard.

Digital Editor

Top stories / News / Commerce


Please enter your comment!
Please enter your name here