MUMBAI: State-owned life insurer Life Insurance Corporation's subsidiary LIC Nepal is gearing up to settle the claims in the earthquake-hit country.
LIC's corporate office in Mumbai has already issued special instruction to its Nepal company.
"We have a separate company in Nepal, known as LIC (Nepal) where LIC has a majority of stake of 55 percent in that company. It's too early to reach any conclusion as everything is stuck there. School and colleges everything is shut over there since the earthquake took place," LIC chairman SK Roy told PTI.
LIC's Nepal subsidiary will follow its normal instructions that are in place for settling claims during such calamities.
"I have sent an advisory note to LIC Nepal to follow the same thing which LIC does in India in such circumstances. We give concessional methods of settlement of claims what we have already done in case of Uttarakhand floods," Roy, who is also the non-executive chairman of LIC (Nepal), said.
"The claims will be settled as and when they are lodged. The company has got sufficient solvency margin to settle the claims," he added.
Meanwhile, MetLife Foundation said today that it is making a contribution of USD 2,50,000 to International Medical Corps' Nepal Earthquake Fund, which is already at work on the ground providing vital relief supplies to those in need, lifesaving healthcare services to the survivors of the earthquake and critical training to medical first responders.
"MetLife has always been committed to helping the communities it seeks to serve in times of need and we will be doing all we can to support our customers and colleagues and the people of Nepal that have been so tragically affected by this natural disaster," MetLife Asia president and MetLife Foundation board member Christopher Townsend said.
MetLife is present in India through its joint venture PNB MetLife India Insurance.
The death toll in the devastating earthquake that has rocked Nepal climbed to over 4,350 today with more than 8,000 others injured.