Axis Max Term Insurance for Coronavirus

This coverage provides a critical financial safety net to families affected by the pandemic. If you're an existing policyholder or planning to buy a term plan from Axis Max Life, here is everything you need to know about how it handles COVID-19-related claims.

Does Axis Max Life Term Insurance Cover COVID-19?

Yes. Axis Max Life term insurance covers death due to COVID-19.

COVID-19 is treated like any other illness under the death benefit clause of the policy. If the life assured passes away due to complications from COVID-19 while the policy is in force, the nominee is eligible to receive the full sum assured, as per the policy terms and conditions.

This applies to:

• Existing policies (as long as premiums are paid, and the policy is active)

• New term insurance policies purchased during or after the COVID-19 outbreak

What is COVID-19 Term Insurance?

COVID-19 Term insurance is a specifically designed insurance plan that provides financial protection against the medical expenses that occur due to the treatment of COVID-19. The COVID-19 term insurance provides coverage to the life assured after the completion of 15 15-day waiting period from the date of policy purchase. Thus, if an individual is diagnosed with COVID-19, he/she is covered for their expenses, provided the diagnosis is received 15 days from the date of policy issuance.

What are the Benefits of Buying Axis Max Term Insurance for Coronavirus?

Here are the benefits of buying Axis Max Term insurance plans for COVID-19 cover: 

1. Enhanced Life Protection 

   The COVID-19 term insurance provides the right financial assistance to the family against coronavirus. With term insurance for COVID-19 cover, in case of death of the life assured due to Coronavirus, the sum assured amount is paid to the beneficiary of the policy. 

2. Financial Assistance 

   In case of the unfortunate demise of the life assured due to the COVID-19, the term insurance payout benefit provides the right financial assistance to the family of the policyholder and help them take care of the future liabilities. 

3. Tax Benefit 

   Axis Max term life insurance plans provide tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.

Key Points to Keep in Mind Before Claiming Axis Max Term Insurance for COVID-19

To be eligible for a claim related to COVID-19, the following conditions must be fulfilled:

• The policy must be active and in force at the time of death.

• All due premiums should have been paid on time.

• There should be no misrepresentation or non-disclosure of material facts, especially related to medical history.

• Cause of death must be certified as COVID-19 or complications arising due to COVID-19 by a registered medical practitioner or hospital.

How to File a Claim for Axis Max Term Insurance COVID-19 Death?

If a policyholder covered under Axis Max Life term insurance dies due to COVID-19, the nominee must follow this process:

1. Step 1: Inform Axis Max Life Insurance

   The claim can be initiated through:

   • Contacting the official website or Policybazaar (if purchased via Policybazaar)

   • Customer service helpline

   • Nearest Axis Max Life Insurance branch office

2. Step 2: Submit Required Documents

   • Death certificate mentioning COVID-19 as the cause of death

   • Policy document

   • Identity and address proof of the nominee

   • Medical records, if applicable

   • Bank details of the nominee

3. Step 3: Claim Processing

   Axis Max Life will verify the documents. If the claim is valid, the death benefit will be paid directly to the nominee’s bank account.

Wrapping it Up!

Axis Max Life Insurance’s commitment to covering COVID-19-related deaths under its term insurance plans ensured that families had financial protection during uncertain times. While the pandemic has evolved, the importance of term insurance remains clear, not just for COVID-19 but for any life-threatening illness or event. If you already have a Axis Max Life term plan, your loved ones are covered in case of death due to COVID-19. If you’re planning to buy a policy now, rest assured that COVID-19 remains a covered risk under Axis Max Life’s current term insurance offerings.

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.