The grounding of Boeing 737 MAX 8 planes is unlikely to have any impact on domestic general insurers that have provided insurance to such aircraft, according to officials.

A top official of a public sector general insurance company said there would be no impact on insurers due to the grounding of the 737 MAX 8 planes.

Insurance companies already get their premium in advance and liabilities are paid when there is some damage or accident during an operation, an official of a private sector non-life insurer said.

The probability of any claims are less when planes are grounded as a result of which there would be no financial implication, the official added.

Only SpiceJet and Jet Airways operate 737 MAX 8 aircraft in the country. However, crisis-hit Jet Airways has not been operating its five such planes due to non-payment of dues to lessors.

On Tuesday, the Directorate General of Civil Aviation (DGCA) decided to ground 737 MAX 8 aircraft.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)