life Insurance Corporation (lIC) has decided to open special office in Uttarakhand and relax norms to expeditiously settle life insurance claims in the calamity-hit state.
“lIC will be opening a special office in that area to attend to all the claimants and relax the usual requirements for claim settlement”, lIC acting chairman Thomas Mathew told reporters after a meeting with Finance Minister P Chidambaram. According to sources, Chidambaram had suggested to the insurance major taking additional measures and relaxing norms with regard to missing persons to expeditiously settle insurance claims.
Under the existing norms, the lIC is required to wait for seven years before settling claims with regard to missing persons. According to reports, about 5,000 people are feared to have died in the flood and landslides in Uttarakhand.