Force Majeure Will Not Apply In Covid-19 Death Claims: Life Insurance Council
Money & Banking
The Life Insurance Council on Monday said all life insurers, both public and private, are committed to process any death claim pertaining to Covid-19 at the earliest.
It also said the clause of force majeure will not apply in case of Covid-19 death claims.
“The life insurance industry is taking every measure to ensure that the disruption caused to policyholders due to the lockdown is minimal, by providing them uninterrupted support digitally, be it for honouring death claims related to Covid-19 or for servicing their policy. We reiterate that all life insurance companies stand by their customers in these difficult times,” said SN Bhattacharya, Secretary General, Life Insurance Council.
While the Insurance Regulatory and Development Authority of India (IRDAI) had instructed all insurers to expeditiously process claims arising out of the pandemic, many customers had reached out to individual life insurance companies seeking clarity on the force majeure clause in their contract.
“All life insurance companies have also communicated to their customers individually in this regard,” the Council said in its statement.
The force majeure clause is typically used to cover any unforeseen event due to which the parties involved are not able to fulfil their obligation and contract.
Published on
April 06, 2020
The Life Insurance Council on Monday said all life insurers, both public and private, are committed to process any death claim pertaining to Covid-19 at the earliest.
It also said the clause of force majeure will not apply in case of Covid-19 death claims.
“The life insurance industry is taking every measure to ensure that the disruption caused to policyholders due to the lockdown is minimal, by providing them uninterrupted support digitally, be it for honouring death claims related to Covid-19 or for servicing their policy. We reiterate that all life insurance companies stand by their customers in these difficult times,” said SN Bhattacharya, Secretary General, Life Insurance Council.
While the Insurance Regulatory and Development Authority of India (IRDAI) had instructed all insurers to expeditiously process claims arising out of the pandemic, many customers had reached out to individual life insurance companies seeking clarity on the force majeure clause in their contract.
“All life insurance companies have also communicated to their customers individually in this regard,” the Council said in its statement.
The force majeure clause is typically used to cover any unforeseen event due to which the parties involved are not able to fulfil their obligation and contract.
Published on
USAA To Expand Workforce In Chesapeake To Support Growing Membership
Company adding more than 500 employees in the area over the next two years Read more
USAA Advocates For Safe Driving Habits During 100 Deadliest Days Of Summer For Teens
New Safe Driving Simulator virtual experience helps drivers identify bad habits ahead of summer travels Read more
USAAs Poppy Wall Of Honor® Returns To National Mall For Sixth Year To Honor And Remember Fallen Service Members
Enhanced experience provides immersive storytelling to illustrate all that was given in service to our country Read more
USAA Appoints Brian Goldman As Chief Risk Officer
USAA announced today the appointment of Brian Goldman as its new Chief Risk Officer, effective May 27. Read more
Strong Financial Performance Reflects USAAs Unwavering Commitment To Members And The Military Community
Association added 1 million new members and continued to serve the military community and their families through enhance... Read more
USAA And The Valero Texas Open Join Forces To Honor Military Heroes
Service Members and Veterans to Receive Exclusive Benefits and Complimentary Access Read more