MUMBAI/PUNE: In the wake of the coronavirus pandemic, insurance is more important for people now than ever. Life Insurance Council on Tuesday announced that all life insurers, both public and private, are committed to processing any death claim related to COVID-19 at the earliest. The Council also confirmed that 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. All life insurance companies have also communicated to their customers individually in this regard.
SN Bhattacharya, Secretary-General of Life Insurance Council, said, “The spiralling global and local impact of COVID-19 pandemic has emphasised 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. We reiterate that all life insurance companies stand by their customers, and they should not be swayed by misinformation or misrepresentation.”
Meanwhile, the number of cases for the coronavirus across the country is nearing the 5,500-mark, whereas Maharashtra is the worst-hit state with over 1,000 reported cases. Globally, the active cases have crossed the million-mark with over 82,000 death recorded.
