Reform inefficient succession processes to ease burden on grieving families

The inefficiency of current succession processes not only frustrates grieving families but also undermines the government's ease-of-living agenda

In the 1990s, a newspaper highlighted how Life Insurance Corporation (LIC) of India proactively contacted victims’ families to inform them about the deceased passengers’ policies and assist with claims. To my naïve mind, it exemplified proactiveness on the insurer’s part. I later realised this compassionate approach was an exception reserved for high-profile cases, like air crashes. For most, claiming life insurance remains a cumbersome and frustrating process. 

Consider a case where an LIC policyholder whose policy had been active for eight years passed away. The spouse was the nominee. Despite a 2015 amendment to the Life Insurance Act mandating that