Mumbai: The Gujarat and Assam floods are turning out to be a test case for social security insurance schemes launched by the government. This year's floods — in the aftermath of the launch of the social security schemes — are being ranked among the biggest natural disasters. However, casualty numbers are still awaited by insurance companies.

The Life Insurance Corporation of India (LIC) is obtaining a list of deceased from the state government and will be reaching out to the victims' relatives to settle death claims. The corporation's chairman V K Sharma said that LIC has waived the death certificate requirement for such settlements and would pay out claims on the basis of documents issued by state authorities.

"Our staff will be on the ground to verify claims and, in deserving cases, a certificate issued by the concerned agent subject to certain conditions or a confirmed Development Officer can also certify death of life assured," said Sharma.
Of the social security scheme, the Pradhan Mantri Jan-Dhan Yojana (PMJDY) — aimed at providing bank accounts for all — incorporates a Rs 30,000 life insurance and Rs 1-lakh personal accident insurance with every debit card. As of March 2017, there were 28.2 crore PMJDY accounts. Another 3.1 crore individuals are covered under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which provides for a Rs 2-lakh life insurance cover against premium directly debited from bank accounts.
"In respect of social security schemes including PMJDY and PMJJBY, we are approaching the Indian Banks' Association and partner banks for PMJJBY so as to expedite the settlement of claims," said Sharma.