LIC facilitates the process of claiming benefits at maturity

Due to movement restrictions due to coronavirus brakes, LIC or Life Insurance Corporation has allowed its policyholders to file their due claim documents at their nearest LIC office across the country.

LIC has enabled its 113 divisions, 2,048 branches, 1,526 satellite offices and 74 client areas to receive maturity claim documents from policyholders with due dates, regardless of the branch of policy management.

However, LIC said, the actual payment of the claim will only be processed by the service branch. The documents will be transferred digitally through LIC’s pan-Indian network.

In all these offices, agents have been specially authorized to facilitate this work. “The policyholder can enter any of the above LIC offices and request the assistance of an authorized agent in this regard,” LIC said.

This installation is available on a trial basis with immediate effect until March 31. LIC currently serves over 29 crore policies across the country.

LIC recently launched Bachat Plus, an individual, participatory and mon-linked savings plan that offers a combination of protection and savings. This plan offers financial support to the family of the deceased policyholder at any time before maturity and a lump sum at the time of maturity for surviving policyholders. The applicant can choose to pay the premium as a lump sum (single premium) or for a limited period of 5 years. The minimum basic sum insured is 1,00,000 with no upper limit.

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