The Finance Ministry on Saturday urged public sector insurance companies including Life Insurance Corporation of India (LIC) to speedily expedite the claim amount to landslide victims in Kerala.
Documents required for processing claims have been comprehensively relaxed to hasten disbursement of the claim amounts,” announced the Ministry of Finance.
It has asked all Public Sector Insurance companies to extend maximum support to the victims of the Kerala calamity to facilitate expeditious processing and payment of their insurance claims.
“In view of the sad landslide incident and rains in Kerala, the government has issued directions to Public Sector Insurance companies (PSICs), including LIC of India, National Insurance, New India Assurance, Oriental Insurance, and United India Insurance to extend all possible help to the affected people for quick processing and settlement of claim disagreements,” the Finance Ministry posted on X.
The Ministry has also stated that insurance companies have started reaching out to policyholders through newspaper advertisements, announcements on their websites, social media, and even SMSes. They have also provided contact details for assistance in places such as Wayanad, Palakkad, Kozhikode, Malappuram, and Thrissur—districts from where large numbers of claims were received.
The letter has also brought out the directions to LIC to further expedite the settlement of outstanding claim amounts due to the policyholders pertaining to PM Jeevan Jyoti Bima Yojana. Extensive relaxation in documentation requirements for the processing of claims has been provided so that the same could be processed expeditiously.
The General Insurance Council would also work in tandem with insurance companies for quick processing and disbursal of claims. For greater transparency and accountability, a special portal would be created where all insurers shall have to report the status of claims as of midnight every day. This facility seeks to expedite the process of claims settlement and ensure that dues are paid to policyholders in time, the Ministry of Finance has said.
The Central Government and the Ministry of Finance reiterated their commitment to helping the calamity victims and ensuring that they get adequate assistance without delay and hassles.