The Ministry of Finance has urgently asked India's public sector insurance providers to promptly settle insurance payouts for victims and families impacted by the deadly landslides in Wayanad and other parts of Kerala. Over 350 lives were tragically lost and nearly 200 people are still missing after a major landslide struck on July 30th. Property damage is estimated to be in the hundreds of crores.
In a statement released on Saturday, the finance ministry mandated that insurance corporations like LIC, National Insurance Corporation and others extend full support to policyholders in the calamity-hit districts to expedite the processing and payment of claims. Special arrangements are being made through local media, websites and other channels for affected customers in Wayanad, Palakkad, Kozhikode, Malappuram and Thrissur districts to easily access help with their insurance settlements.
LIC has also been directed to speedily disburse amounts owed under the Pradhan Mantri Jeevan Jyoti Bima Yojana life insurance scheme. Documentation requirements are being simplified to ensure quicker payouts. A dedicated portal will track daily updates on claim statuses from all insurers.
However, insurance penetration in India remains quite low on average, leaving the vast majority without any policy coverage. People have to depend on government aid and NGOs for rebuilding homes and assets after suffering massive losses. The finance ministry is fully committed to supporting the victims without delay.
