Fintotal News Analysis | LIC to Relax Norms for Uttarakhand Deluge Victims; to Settle Claims on Priority
LIC to Relax Norms for Uttarakhand Deluge Victims; to Settle Claims on Priority
Ruby Jacob, 26 Jun 2013

Once again Life Insurance Corporation of India's customer centric services are catching attention.  Acting on the Finance Minister's request, LIC has agreed to relax claim settlement norms for missing people and settle claims of victims of the recent natural calamity in Uttarakhand on priority basis.

LIC will relax the usual norm that settles life insurance claim of a missing person only after seven years if death certificate is not issued. It may accept FM Chidambaram's suggestion that an indemnity bond be taken from claimants in case of missing persons from the flood victims and their claims be settled quickly, instead of insisting on the normal 7 year rule.

The state government has decided to photograph unidentified victims of the flood and landslides and also maintain their DNA profile. This could help life insurance companies in settling claims of the missing persons.

Relaxed norms for the concerned will be announced by LIC through media and advertisements in the next 2-3 days. LIC will set up a special camp office in Dehradun for Uttarakhand flood victims. Huge number of claims are expected to arise.

LIC had relaxed claim settlement norms in the past for victims of Tsunami in the south and Earthquake in Bhuj and Latur.

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