Write an application to the manager of LIC Rayagada Branch to revive a policy.
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Answer:
The Corporation settles a large number of Death Claims every year and adopts fair practices in the matter of settlement of claims. It is not the policy of the Corporation to repudiate a genuine claim. Furthering this cause, LIC pioneered the initiative of introducing an internal review mechanism in the year 1979 to give an opportunity to the claimants to appeal for review, whenever a claim is repudiated. The Claims Dispute Redressal Committee is functioning at the Corporate Level and all eight Zonal offices. The Central Office Claims Dispute Redressal Committee [CO CDRC] is functional at Central Office, Mumbai and the Zonal Office Claims Dispute Redressal Committee [ZO CDRC] is functioning in all Zonal Offices located at Delhi, Kanpur, Bhopal, Kolkata, Chennai, Hyderabad, Mumbai and Patna.
The Committee consists of senior officials at the Zonal/Central Office and a retired District/ High Court Judge.
Whenever a claim is repudiated, the claimant is explicitly informed of the grounds of repudiation and provided with the address of the Zonal Office Claims Dispute Redressal Committee (ZO-CDRC) to prefer his/her appeal.
If the decision to repudiate the claim is upheld by the said Committee, then depending on the net claim amount, the claimant is either provided with the address of the Insurance Ombudsman or with the address of the Central Office -Claims Dispute Redressal Committee (CO CDRC).
Again, if the decision to repudiate the claim is upheld by the CO-CDRC, the claimant is provided with the address of the Insurance Ombudsman to whom the claimant may prefer an appeal. (for details, please click on Insurance Ombudsman)
The internal mechanism for review of repudiated claims adopted by LIC has ensured transparency and confidence in our operations and has resulted in greater satisfaction amongst the claimants and policyholders.
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