To provide coverage if any policyholder died of swine flu, despite the disease not being listed as one of those for which such a payment can be made
IDBI Fortis Life Insurance will provide coverage if any policyholder died of swine flu, despite the disease not being listed as one of those for which such a payment can be made – reported Economic Times.
According to the company, it has listed seventeen diseases for which policyholders can claim insurance and swine flu is not on the list. Despite this, the company will pay if any policyholder died of swine flu.
G V Nageswara Rao, managing director and CEO of IDBI Fortis Life Insurance, said: “Insurance will be given in the case of death due to the H1N1 virus even though the disease has not been mentioned at the time of buying the policy.”
However, the disease will continue to be out of the firm’s policies, quoted the newspaper.
IDBI Fortis Life Insurance is a joint venture between IDBI Bank, Federal Bank and Europe-based bancassurer Fortis. IDBI Bank holds a 48% stake while Federal Bank and Fortis hold a 26% each in this venture.