Industry

All life insurance companies to process COVID-19 death claims: Industry body

The industry’s umbrella body Life Insurance Council said the ‘force majeure’ clause will not apply in case of COVID-19 death claims.

All life insurance companies will process claims due to death by COVID-19, an industry body assured on Monday.

The industry’s umbrella body Life Insurance Council said the ‘force majeure’ clause will not apply in case of COVID-19 death claims and both private and state-run players will follow this.

The clause generally refers to unforeseeable circumstances that may prevent someone from fulfilling a contract. There have been over 100 deaths in India due to the COVID-19 pandemic and over 3,000 people have been infected.

The spiralling global and local impact of COVID-19 pandemic has emphasised the fundamental need for life insurance in every household. The industry is taking every measure to ensure that the disruption caused to policyholders, due to the lockdown is minimal, the council’s Secretary General S N Bhattacharya said.

Customers had reached out to individual life insurance companies seeking clarity on this clause in their contract, which resulted in the clarification, the council said.

The statement urged customers not to get swayed by any misinformation or misrepresentation, asserting that the life insurance companies will stand by them in the difficult times.

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Printable version | May 29, 2020 4:11:39 AM | https://www.thehindu.com/business/Industry/all-life-insurance-companies-to-process-covid-19-death-claims-industry-body/article31267886.ece

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