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January 29, 2001
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Money > Business Headlines > Report January 29, 2001 |
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LIC offers discounts to the quake affectedNetScribes/Neeta Kolhatkar The country's largest life insurer, Life Insurance Corporation, has offered certain discounts to policy holders in Gujarat affected by the recent earthquake. Also, the top brass of leading Indian insurers were meeting in Ahmedabad on late Monday afternoon to decide on further steps to help the affected. Confirming LIC's moves, company spokesman S Venkateshwaran said that the insurer would waive half of the interest charges while reviving policies for the affected. LIC has also pledged to provide duplicate policies in cases they have been lost in the rubble. "We expect at least 2,000 claims from the earthquake victims," said Venkateshwaran. Since January 26, the day of earthquake, the economic losses in Gujarat have mounted to well over Rs 150 billion, according to reports. LIC will also accept death certificates issued by any local government body, and not necessarily a municipal authority. If the affected cannot contact local government officials, LIC agents too can certify the death of the kin. The corporation has also set up special cells in Ahmedabad, Rajkot and other affected cities and towns to facilitate the procedures for victims. The remission period has been extended up to three months in case the policy bearer has difficulty in paying his or her premium. Insurance cover for earthquakes is provided under the personal insurance policy for individuals and under the fire insurance cover for organisations and institutes. Individuals can automatically claim it as personal accident cover by paying a token amount as premium. For companies and institutions, it is optional.
RELATED REPORTS: The RD Killer Quake: Complete coverage on rediff Essar, IOC say no damage from quake Quake hits industrial facilities; Reliance says Jamnagar plant safe Four killed as quake rocks Pakistan Quake damages historic monuments in Jaisalmer 'If the building fell, I wanted all of us to die together' EXTERNAL LINKS The RD Killer Quake of Jan 26, 2001: Technical details A post-quake volunteer's unusual tryst with the departed All about earthquakes in India and their impact India Meteorological Department's earthquake reports Disaster relief set-up in India Major earthquakes across the world in recent times Earthquake News: Comprehensive news, information and features
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