Life Insurance Council: “Force Majeure” does not apply for COVID-19 cases

On April 6, 2020, the Life Insurance council announced that the “Force Majeure” clause will apply to COVID-19 deaths. Apart from the council, Kolkata Port Trust has also invoked force majeure. What is force Majeure? Force Majeure clause was introduced for unforeseen circumstances. This includes natural disasters, accidents, epidemics, pandemics. Legislation Force Majeure is a ..

Month: Current Affairs - April, 2020

Category: Economy & Banking Current Affairs

Topics: 1972 • Contract Theory • COVID-19 • force majeure • Indian Contract Act • Life Insurance Corporation of India • Natural Disasters

Govt. makes Aadhaar mandatory for PMVKY subscribers

Centre government has made Aadhaar (the unique 12-digit biometric identity number) mandatory for subscribers of Pradhan Mantri Vaya Vandana Yojana (PMVVY) which is a pension scheme for senior citizens. Finance Ministry notified that an individual eligible for receiving benefit under PMVVY scheme shall now be required to furnish proof of possession of Aadhaar number or ..

Month: Current Affairs - December, 2019

Category: Government Schemes Current Affairs

Topics: Aadhaar • Aadhaar Act • Finance Ministry • LIC • Life Insurance Corporation of India • PMVVY • Pradhan Mantri Vaya Vandana Yojana