LIC of India , the country's largest insurer, has announced special measures to support families affected by the recent Air India flight AI 171 crash in Ahmedabad on June 12. In a move aimed at expediting claim settlements and easing the burden on grieving families, LIC has significantly relaxed its claim norms for this incident.

Relaxed Claim Norms

LIC has taken the compassionate step of accepting alternative proof of death to facilitate faster claim processing for the victims of the Air India crash. This decision acknowledges the extraordinary circumstances surrounding the tragic event and aims to minimize additional stress on the affected families during this difficult time.

Proactive Outreach

The insurance giant is not waiting for families to approach them. Instead, LIC has initiated a proactive outreach program to connect with the families impacted by the crash. This approach ensures that those who may be unaware of their insurance coverage or are too overwhelmed to begin the claim process receive the necessary support and information.

Helpline Assistance

To further assist the families of the crash victims, LIC has set up dedicated helpline assistance. This service will provide guidance on the claim process, answer queries, and offer support to navigate through the documentation requirements under these special circumstances.

Conclusion

LIC's swift response and accommodating measures demonstrate the insurer's commitment to its policyholders in times of crisis. By easing the claim process, LIC aims to provide some financial relief to the families facing unexpected loss, underlining the critical role of insurance in mitigating the impact of unforeseen tragedies.

As the situation develops, LIC is expected to continue working closely with relevant authorities and the affected families to ensure smooth and timely settlement of claims related to this unfortunate incident.

LIC of India , the country's largest insurer, is poised for a leadership change as the Financial Services Institutions Bureau (FSIB) has put forward its recommendation for the top executive position.

Key Highlights

• R Doraiswamy, currently serving as LIC's Managing Director, has been recommended for the role of CEO and MD.
• The selection process involved interviews with four candidates.
• FSIB's recommendation is based on performance, experience, and predetermined parameters.

Selection Process and Recommendation

The Financial Services Institutions Bureau, responsible for recommending candidates for key positions in public sector financial institutions, has concluded its search for LIC's new leadership. After a thorough evaluation process, which included interviews with four potential candidates, the FSIB has recommended R Doraiswamy for the crucial role of Chief Executive Officer and Managing Director at LIC.

About R Doraiswamy

R Doraiswamy, who is currently holding the position of Managing Director at LIC, emerged as the top choice for the leadership role. His selection is a testament to his performance and extensive experience within the organization. The FSIB's decision to recommend Doraiswamy was based on a comprehensive assessment that took into account various parameters set for the position.

Implications for LIC

The recommendation of R Doraiswamy for the CEO and MD position comes at a significant time for LIC. As the largest life insurer in India, LIC plays a crucial role in the country's financial landscape. The appointment of a new leader is expected to shape the company's strategies and operations in the coming years.

The final appointment will be subject to the necessary approvals from the relevant authorities. Once confirmed, R Doraiswamy will be tasked with steering LIC through the evolving insurance market in India, addressing challenges, and capitalizing on opportunities in the sector.

This development marks an important transition in LIC's leadership, and stakeholders will be keenly watching how this change may influence the company's future direction and performance in the competitive insurance industry.