Friday, June 18, 2021
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LIC Offers New Facility to Ease Maturity Claim Process for Policyholders

The Life Insurance Corporation (LIC) has simplified the maturity claim payment process by introducing a new facility that allows policyholders to submit their papers at the nearest LIC office across the country.

The rule on document submission was eased in view of the COVID-19-related restrictions, the state-run insurance service provider said in a press release.

“LIC has allowed its 113 divisional offices, 2048 branches, 1526 satellite offices and 74 customer zones to receive maturity claims documents from policyholders whose maturity payments are due, irrespective of the servicing branch of the policy,” the statement reads.

The real claim payment, on the other hand, would be handled solely by the servicing branch. The documents will be transferred digitally via LIC’s All India Network, according to the company.

The facility to submit documents at any LIC office in the country is “available on trial basis” with immediate effect till March 31, 2021, only, the statement said.

“In all the offices, officers have been especially authorized to facilitate this job. The policyholder can walk into any of the above offices of LIC and ask for authorized officer for assistance in this regard,” it added.

The papers can be deposited separately at two different locations if a policyholder is in one city and the policy document is in another, according to LIC.

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