LIC settles 711 death claims due to terrorist, naxal attacks

Country's largest insurer Life Insurance Corporation (LIC) has settled 711 claims to the tune of Rs 8.33 crore for persons killed due to terrorist and naxals attacks during the last three financial years, Parliament was informed today.

Country's largest insurer Life Insurance Corporation (LIC) has settled 711 claims to the tune of Rs 8.33 crore for persons killed due to terrorist and naxals attacks during the last three financial years, Parliament was informed on Friday.

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"LIC has settled 17.77 lakh claims in the last three years out of which probable death claims due to terrorist and naxalite attacks were only 711 in number with Rs 8.33 crore paid as claim," Finance Minister Pranab Mukherjee said in a written reply to the Lok Sabha.

Mukherjee has further said that insurance regulator Insurance Regulatory and Development Authority (IRDA) has informed that there is no extraordinary financial burden on the insurance companies due to settlement of insurance death claims due to terrorist and naxalite attacks in the country.

"The proportion of death claims due to terrorist and naxalite attacks to the total death claims settled by insurance companies is very insignificant," he added.

IRDA has further informed that separate record of deaths due to terrorist and naxalite attacks is not maintained by the insurance companies, except LIC.