To make the claim settlement process for the policyholders affected by the recent floods in Tamil Nadu and Puducherry easier, the life insurers have extended several concessions and relaxed the norms.
Life Insurance Corporation (LIC), the country's largest life insurer, said that on December 9, 24 claims amounting to Rs 29.39 lakh were filed and settled on the same day.
Private insurer Birla Sun Life (BSLI), the life insurance arm of the Aditya Birla Financial Services Group, has relaxed the timeline for remittance of renewal premiums, premium payment, waived the reinstatement charges till end of January 2016, prioritised all payout requests received and simplified the process for duplicate policies.
The company has also put in place a dedicated Claimcare, to which claimants can call for any queries.
"We hope our efforts will be able to make a small difference in helping policyholders and their near ones," BSLI Managing Director and CEO Pankaj Razdan said.
Max Life insurance has dedicated numbers (with Tamil callers as well) from head office as well as the local offices for this natural calamity.
In case someone is not able to reach any of these numbers, they or their family or nominees can reach any of its offices across India and their claim will be taken up on priority, the company said.
The private insurer also simplified claims documentation process and fast-tracked claims settlement process as well as verification confirming that the insured is missing or dead.
ICICI Prudential Life Insurance said the claims will be settled on the basis of only three documents -- written intimation from the claimant, death certificate from municipal authorities and if the death certificate is unavailable, the list of deceased issued by hospitals, armed forces, police or government agency and a copy of photo identity of claimant.
It has also waived overdue and lapsation charges due to non-payment of renewal premiums for all customers in Chennai from November 8 to December 15, 2015.