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.
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