IDBI Fortis Life Insurance will clear the claims of next of kin if any policyholder died of swine flu, a top company official said, despite the disease not being listed as one of those for which such a payment can be made.
"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," IDBI Fortis Life Insurance Managing Director and Chief Executive Officer G V Nageswara Rao told PTI here.
The company has listed 17 diseases for which policyholders can claim insurance and swine flu is not on the list, he said. Despite this, the company will pay if any policyholder died of swine flu.
However, the disease will continue to be out of the firm's policies, Rao said.
IDBI Fortis Life Insurance is a joint venture between IDBI Bank, Federal Bank and Europe-based bancassurer Fortis.
IDBI Bank holds a 48 per cent stake while Federal Bank and Fortis hold a 26 per cent each in this venture.
The company, which earned Rs 319 crore as first-year premium last fiscal, is bullish about its growth during this fiscal. "We are in the growth phase," Rao said.
