LIC settles claims faster than pvt insurers!
TNN, Oct 28, 2010, 09.40pm IST
NAGPUR: Public sector insurance behemoth Life Insurance Corporation (LIC) leaves the private insurers much behind when it comes to promptness in settlement of claims. "The private players may be prompt in selling their products but are not as efficient as LIC when it comes to settle the claims and need to improve on this front," said the union minister of state for finance Namo Narain Meena. He was addressing a meeting to mark the golden jubilee of LIC Agents Association's Nagpur unit.
Meena, who holds the charge of insurance and banking departments in the ministry, said LIC did not make claimants run from pillar to post for getting the settlement. "This only indicates transparency in the functioning of public sector organisation," said Meena, indirectly flaying the private sector insurance companies. He added that still a large section of population needed to be covered by banking and bringing them into the
banking fold remained a top priority of the ministry.
Source: The Times of India
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