Life Insurance Corporation of India (LIC) has announced several key changes for people affected by Cyclone Biparjoy.

• LIC will accept documents related to the claims settlement process on the basis of photographs or scanned copies to expedite the process.
• The company has set up a special helpdesk to deal with queries related to the claims process from cyclone-affected policyholders.
• LIC has waived off the late fee for premium payments for a period of two months for policyholders affected by the cyclone.
• Policyholders who have lost their policy documents due to the cyclone can get a duplicate policy issued free of cost.
• LIC has relaxed the norms for settlement of claims related to missing persons, and the company will consider the cases as eligible for settlement after one year from the date of the incident.

Natural disasters have a significant impact on the insurance sector, with the increasing frequency and intensity of such events leading to higher claims payouts. Insurers have to assess and manage the risks associated with climate change and natural disasters to ensure their sustainability. For policyholders, it is important to understand their insurance coverage and the claims process, so that they can get the necessary support in the aftermath of such events. The steps taken by LIC towards simplifying and expediting the claims settlement process for cyclone-affected policyholders is a positive move towards ensuring customer satisfaction and trust.