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Life Insurance Corporation of India (LIC of India) Claim Settlement

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Life Insurance Corporation of India (LIC of India)
Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

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1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Claim Settlement of Life Insurance Corporation of India (LIC of India)

Life Insurance Corporation is the oldest and one of the largest life insurance providers. Life Insurance Corporation featured a high claim settlement ratio of 98.62% in the FY 2020-21. Life Insurance Corporation of India provides a claim settlement process at their branch office only to ensure that no fraudulent claims are raised. Life Insurance Corporation follows a hassle-free yet strict claim settlement process.

  • How To Make Claim

    Life Insurance Corporation Claim Settlement Process

    At Life Insurance Corporation the policyholder needs to intimate claim at the branch office only. Life Insurance Corporation provides a claim settlement facility only at the branch office. The policyholder/nominee is required to submit the required documents at the branch office for claim assessment and decision. After the claim, assessment has been completed and the claim decision has been made, the policyholder/nominee can check the unpaid claim due amount on the Life Insurance Corporation website.

  • Documents Required

    Documents Required for Life Insurance Corporation Death Claims

    Following is the list of documents required for Life Insurance Corporation Death Claims:

    • Original Policy Documents
    • Claim Form A stating the claimant’s and policyholder’s details
    • Death Certificate
    • Age Proof (if in any case age is not admitted)
    • Evidence of title of policyholder’s estate if nominee/assignee is not mentioned
    • Claim Form B and B2 filled by medical attendants
    • Claim Form B1 (if the policyholder was treated in hospital)
    • Claim Form C (Certificate of Identity and Cremation)
    • Claim Form E (Certificate by the employer if the policyholder was employed)
    • Copy of FIR/Post-Mortem Report/Police Investigation Report (in case of Unnatural/Accidental Death).

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Claim Process at Life Insurance Corporation of India (LIC of India)

  • 1

    Claim Intimation

    In the event of the death of the life assured, the insurance company should be intimated as early as possible.
  • 2

    Submission of Documents

    For easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
  • 3

    Claim Evaluation

    After successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
  • 4

    Claim Settlement

    If claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.

Life Insurance Corporation of India (LIC of India) Claim Settlement FAQs

  • What is the claim settlement ratio of Life Insurance Corporation?

    Life Insurance Corporation featured a high claim settlement ratio of 97.79% in the FY 2019-20.

  • Where can I download the claim forms from?

    You can download the claims forms from Life Insurance Corporation official website by following simple steps:

    Step 1: Visit the Life Insurance Corporation website and click on ‘LIC Online Service Portal’
    Step 2: Click on ‘Claim forms’ on the right menu under ‘LIC Online Service Portal’
    Step 3: Choose the claim form as required according to your claim and download the form.

  • What is the toll-free helpline number of Life Insurance Corporation?

    Toll-free helpline number of Life Insurance Corporation is 022 68276827.

  • What documents ID Proof and address proof required while applying for an insurance policy?

    The following documents can be considered for ID and Address Proof while applying for an insurance policy:

    • PAN Card Passport
    • Aadhar Card 
    • Driving License 
    • Bank Account Statement 
    • Voter Identity Card.

  • How to apply for a LIC life insurance policy claim?

    One needs to inform the insurance provider regarding a claim at the branch office. The claims are handled at the LIC branch office only.

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Life Insurance Corporation of India (LIC of India) Contact Details

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