Business

Life insurers to process virus claims faster

‘Force Majeure' clause not to apply for death claims

The Life Insurance Council — the industry body of life insurance companies — said all life insurers, both public and private, are committed to process any death claim pertaining to COVID-19 at the earliest.

The Council also said the clause of ‘force majeure’ will not apply in case of COVID-19 death claims.

“This step was taken to reassure customers who had reached out to individual life insurance companies seeking clarity on this clause in their contract as well as to dispel rumours to the contrary.

“All life insurance companies have also communicated to their customers individually in this regard,” the council said.

Force Majeure is a clause for unforeseen circumstances that makes a contract null and void.

“The force majeure condition will not have any impact on insurance contracts of customers due to COVID-19. We will continue to honour the death claims received from our customers pertaining to the COVID-19 pandemic, and assure them of any assistance on their policy in these crucial times” said Anil PM, Head – Legal & Compliance, Bajaj Allianz Life.

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Printable version | Jul 8, 2020 7:54:51 PM | https://www.thehindu.com/business/life-insurers-to-process-virus-claims-faster/article31273944.ece

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