Agencies

New Delhi, Jun 22: The country’s largest insurer Life Insurance Corporation, has decided to operationalise a system within two years that will allow policy holders to claim benefits and pay premium at any of its over 2,100 branches.

“Premium payment can be done from anywhere in India. That’s what we have done it. Now claim payment we would like to take it to any office. That’s next major issue,” LIC chairman T S Vijayan said.

“Once all documents are available on the net then any office can do it. As I said it depends on the completion of EDMS (Enterprise Document Management System) project which we plan to complete by 2011,” he said.

It will enable LIC to extend ‘Anywhere Anytime’ service, he added. The project was launched in 2007, he said, adding, HP India is the major partner. Total cost project cost for 8 years around Rs 600 crore, he said.

LIC has over 23 crore policy holders across the country. The digitization of record of these policy holders will ensure archival of physical records in electronic form and will eliminate risks of loss or damage to physical records due to natural and other disasters.

LIC is also planning to open alternate channel of premium payment, similar to the one in AP. “Many state governments are going to start e-governance imitative we are going to tap it,” Vijayan said. With the role out of this initiative, a policy holder approaches for a loan after two years, the loan eligibility under all policies would be made known to customer through a single Customer ID.