All life insurance companies will process COVID-19 death claims, assures Life Insurance Council
April 6, 2020, Chennai: Life Insurance
Council, the face of the Indian life insurance industry, today announced that
all life insurers, both public and private, are committed to process any death
claim pertaining 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 to the contrary. All life insurance companies have also
communicated to their customers individually in this regard.
Secretary General , Life Insurance
Council, said, “The spiraling global and local impact of COVID-19
pandemic has 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 honoring 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 and the
customer should not be swayed by misinformation or misrepresentation.”
In November 2019, the Life Insurance
Council launch of Indian insurance industry’s first joint awareness
campaign titled “Sabse Pehle Life Insurance”, stressing upon the need for
life insurance. The campaign urged Indians to opt for life insurance as their
primary protection instrument through a nationwide marketing campaign.
About Life Insurance Council
“The Life Insurance Council is
constituted under Sec.64C of insurance act 1938, is the face of the Life
Insurance Industry that connects the various stakeholders of the industry. It
functions together with participation all the Life Insurers through several
sub-committees towards development of the industry.
The Life Insurance Council leads the
advocacy effort on the industry’s behalf before the Regulator (IRDAI), Govt. of
India and all other statutory bodies.”
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