Fri. Oct 30th, 2020

Life insurance companies to process COVID-19 death claims early

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Kolkata,06 April(HS): Life Insurance Council, the face of the Indian life insurance industry, today announced that all life insurers, both public and private, were now committed to processing any death claim pertaining to COVID-19 ‘at the earliest’.
Informing this Council sources told Hindusthan Samachar here this afternoon that it was also decided that the clause of ‘Force Majeure’ would 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, they said adding all life insurance companies had also communicated to their customers individually in this regard.
Quoting Council Secretary-General S Bharadwaj the sources further informed that  ‘the spiralling global and local impact of COVID-19 pandemic had emphasized the fundamental need for life insurance in every household.
‘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, the customer should not be swayed by any misinformation or misrepresentation’, he said.