THIRUVANANTHAPURAM: The Life Insurance Corporation of India (LIC) will join hands with the state government for post-flood reconstruction and rehabilitation activities.“Investing in state government’s bonds and sponsoring specific projects are being planned,” said LIC chairman V K Sharma.
He was addressing media persons after handing over Rs 7 crore assistance to the Chief Minister’s Distress Relief Fund.
Subscription drive
The LIC is planning a major subscription drive in the wake of the flood in the state that took 483 lives.
“Only 55 persons among the deceased were LIC customers. They had a total of 79 policies. Of them 40 were surrendered, matured or lapsed. Twenty-six claims were settled and steps are being taken to settle the remaining claims,” said Sharma.
Despite having 75 per cent market share in the country, LIC’s coverage in the state needs improvement. The public sector insurer’s customer base is only between 25 per cent and 30 per cent of the state’s total population.
LIC managing director B Venugopal said the corporation took a proactive role in identifying and settling claims soon after the floods. Nodal officers were appointed to identify policy holders in flood-affected districts.
“We relaxed norms to make immediate settlements. The rule for producing death certificate was replaced with a certificate by government authorities or the LIC development officer. Some of the claims were settled in three hours,” he said. Late fees on premium due was condoned between July 15 and September 30. The facility was availed of by 9,700 policy holders and the total amount waived was Rs 8.70 lakh.