Life Insurance Corporation eases policy claim settlement process

To mitigate the hardships faced by customers due to the pandemic, national insurer LIC on Thursday said policyholders can deposit their maturity claim documents at their nearest LIC office anywhere in the country till the end of the month.

Accordingly, LIC said its 113 divisional offices, 2,048 branches, 1,526 satellite offices and 74 customer zones will receive maturity claims from policyholders irrespective of the servicing branch of the policy.

The facility is on trial now and is effective immediately. It will last till March 31, LIC said. However, the actual claim payment will be processed by the servicing branch only, it said, adding this document transfer will be digitally managed by the branch where it has been submitted.

All officers have been specially authorised to facilitate this claim settlement process, the IPO-bound insurer said, adding a policyholder can walk into any of the above offices and ask for the authorised officer for assistance. If a policyholder is in one city and the policy document is in another city, then the documents can be deposited separately at two different places.

LIC currently services over 29 crore policies across the nation.