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LIC settles 561 COVID-19 death claims worth Rs 26.74 crore

The insurer said that to help customers, they are accepting maturity claims from customers by mail and settling claims without original document

twitter-logoBusinessToday.In | July 31, 2020 | Updated 12:33 IST
LIC settles 561 COVID-19 death claims worth Rs 26.74 crore

Life Insurance Corporation (LIC) has said that it has been proactive in settling coronavirus death claims. The insurer added that it has settled 561 death claims amounting to Rs 26.74 crore. The national insurer said that it has also relaxed the procedure for claims and has received requirements of death claims through emails from their agents.

"LIC has always been proactive in settling death claims and goes every extra mile to find claimants and mitigate the financial hardship of the family of the deceased. Death claims arising due to COVID-19 are treated at par with other causes of death and payments are being made on an urgent basis. LIC have already settled COVID death claim under 561 Policies amounting to Rs 26.74 Crores," it said in a statement.

The insurer said that to help customers, they are accepting maturity claims from customers by mail and settling claims without original document. 

LIC had seen an increasing growth in digital channels even before the COVID pandemic. It had recorded a 36 per cent increase in digital transactions in FY20. It had also waived digital payment charges till November.

The corporation announced its audited figures for the year ended March. New business or first-year premium has seen a growth of 25.17 per cent of Rs 1.77 lakh crore. Pension and group superannuation business grew 39.46 per cent at over Rs 1.26 lakh crore as against Rs 90,848.86 crore in the previous year.

Total premium income increased to over Rs 3.79 lakh crore, as against Rs 3.37 lakh crore in the previous year, registering a growth of 12.42 per cent.

"Total policy payouts amounted to Rs 2,54,222.27 cr for the period ending 31.3.2020 as compared to Rs 2,50,936.23 cr for the corresponding period last year, showing an increase of 1.31 per cent. The Corporation's Gross Total Income grew to Rs 6,15,882.94 cr for the period ending 31.3.2020 from Rs 5, 60,784.39 cr as at the last corresponding period, showing a handsome growth of over 9.83 per cent. Total Assets of the Corporation stood at Rs 31,96,214.81 cr as compared to Rs 31,11,847.28 cr for the corresponding period last year thus posting a growth of over 2.71 per cent," it said.

Also read: How is LIC Housing Finance able to offer lowest interest rates ever on home loans?

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