InvestorQ : My friend who has a term life cover with ICICI Pru Life recently succumbed to COVID-19 at Chennai. Will his family get the money, since the policy excludes payouts in pandemics?
Mahima Roy made post

My friend who has a term life cover with ICICI Pru Life recently succumbed to COVID-19 at Chennai. Will his family get the money, since the policy excludes payouts in pandemics?

Answer
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Aditi Sharma answered.
5 months ago


Life insurance companies have been asked by the Life Insurance Council to process any death claim pertaining to COVID-19 right away irrespective of any Force Majeure clause that protects the insurer from compensating in pandemics. That means, your friend is entitled to be compensated being a COVID-19 death in this case. Life Insurance clarified that insurers regulated by IRDA are duty-bound to settle claims if a death occurs due to COVID-19 and any exceptions would not be applicable. Even insurance companies are communicating to their clients that any Force Majeure will not be applicable in the current context. That should come as a relief where the emotional pain can at least be partially compensated. Just ask them to ensure to keep all the hospital records ready.