LIC to open special office in Uttarakhand to settle claims. State-run Life Insurance Corporation (LIC) has decided to open special office in Uttarakhand and relax norms to expeditiously settle life insurance claims in the calamity-hit state. "LIC will be opening a special office in that area to attend to all the claimants and relax the usual requirements for claim settlement", LIC acting chairman Thomas Mathew told reporters after a meeting with Finance Minister P Chidambaram. According to sources, Chidambaram had suggested to the insurance major taking additional measures and relaxing norms with regard to missing persons to expeditiously settle insurance claims. Under the existing norms, the LIC is required to wait for seven years before settling claims with regard to missing persons. According to reports, about 5,000 people are feared to have died in the flood and landslides in Uttarakhand. So far 822 bodies have been recovered and 8,000 people are still stranded and efforts are being made to evacuate them. The state government, meanwhile, has decided to photograph and maintain DNA profile of unidentified victims. Mathew and LIC chairman-designate S K Roy were in the Finance Ministry in connection with launch of 300 mini- branches of LIC by Chidambaram. Mathew said instructions have been given to all offices in Uttarakhand to expeditiously attend to policy holders and settle valid insurance claims. "The calamity that has happened in Uttarakhand. LIC has already issued instructions to all its offices in that area to expeditiously settle the claims and attend to the policyholders. We have earlier instances (like in)... Tsunami and Bhuj where we settled claims expeditiously", he added. LIC, he added, will also do away with the requirement of death certificates because that was not possible and do away with the seven years waiting period in case of missing persons. Mathew did not give any figures about the quantum of claims but said it would be "huge". Chairman-designate Roy told reporters that the LIC would come out with a simplified guidelines in a day or two to ensure settlement of insurance claims in the calamity-hit state.
Posted on: Wed, 26 Jun 2013 07:40:31 +0000
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