ICICI Term Insurance for Coronavirus

During this time, many people turned to term insurance for security, especially for their families. ICICI Prudential Life Insurance was one of the leading insurers in India to offer coverage for death due to COVID-19 with its term insurance plans. If you have an ICICI term insurance policy or are planning to buy one, here's everything you need to know about handling ICICI term insurance for COVID-19 claims.

Does ICICI Term Insurance Cover COVID-19?

Yes, ICICI Prudential Term Insurance policies provide coverage for death caused by COVID-19, just like they do for other natural or disease-related deaths. This includes all existing and new policies, provided the policy is active, and the information provided during the application is accurate. There is no specific exclusion for COVID-19 in ICICI term plans.

What is COVID-19 Term Insurance in India?

Term Insurance for COVID-19 is a term life insurance policy, which provides additional financial coverage against death due to COVID-19. Generally, the term insurance policy provides a death benefit if the life assured suffers an untimely death due to any natural causes, accidental death, death due to a critical disease like stroke, cancer, heart disease, etc. However, with the skyrocketing cases of COVID-19, most of the life insurance companies offer coverage for death due to COVID-19. The ICICI term insurance for Coronavirus covers deaths related to COVID-19.

Why Do You Need a COVID-19 Term Insurance Plan?

In an unprecedented time like this, having the proper financial security for the family and loved ones should be paramount. With ICICI Term Insurance for Coronavirus, you can provide the right financial security to the family in the long term, even in your absence. Term insurance plan with COVID-19 life cover is the most budget-friendly way to prepare for any eventualities and secure the family's financial future during a pandemic.

Key Conditions to Claim ICICI Term Insurance for COVID-19

To ensure that your COVID-19 claim is valid and smoothly processed, the following conditions must be met:

• The policy must be in force (active) at the time of death.
• All premiums should have been paid on time.
• No material non-disclosure or false medical declarations during policy purchase.
• The cause of death should be medically certified as COVID-19 or related complications.

How do You Claim ICICI Term Insurance for COVID-19?

The ICICI term insurance claim process for COVID-19 can be completed by following 3 simple steps.

Step 1 – Informing the Insurer

In case of the unfortunate demise of the life assured due to COVID-19, the nominee needs to inform the insurer and file a claim. The claim can be filed online or offline by visiting the branch office of ICICI Life Insurance. To file the claim, the nominee will have to submit a thoroughly filled claim form, the required documents, and the life assured death certificate.

Step 2 – Claim Processing

Upon receiving the ICICI term insurance claim intimation form and the required documents, the insurance company will assess all the details and verify the documents. The nominee will be asked to submit additional documents, such as the life assured's COVID-19 diagnosis test result.

Step 3 – Claim Settlement

Once the insurance company verifies all the relevant documents, it will process the term insurance claim. Many insurance providers settle claims in one day.  

Wrapping it Up!

The second wave of covid -19 has left many people helpless.  However, with ICICI Term Insurance for COVID-19, you can ensure to provide the right financial protection to your family in case of any eventuality.  While the first line of defence to fight this disease is social distancing and sanitization guidelines, the COVID-19 term plan should serve as a financial backup.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.