Currently, the skyrocketing cases of COVID-19 have become a matter of severe concern for our nation. As the country is struggling to deal with the second wave of COVID-19, it has become imperative for everyone to be prepared against any type of emergency situation. In an extreme situation like this, a term insurance policy provides the right financial security to the family in case of any eventuality.
However, the most common concern the customers these days have is that whether the death due to COVID-19 is covered under the term insurance policy or not. Nowadays, almost all life insurance providers offer coverage against COVID-19. Further in this article, we have elaborately discussed TATA AIA term insurance for coronavirus and does it provide coverage for COVID-19 or not.
TATA AIA was the first life insurance company that provided additional benefits related to COVID-19. As a part of TATA AIA Life’s initiative, the individual policyholder will get an additional benefit up to Rs.50,000 at no added cost related to covid-19. This means that in case of a dealth claim filed due to covid-19 an additional benefit equal to the base sum assured amount or Rs, 50,000 whichever is lower will be paid to the beneficiary of the policy. This benefit is applicable for all valid death claim files on or before 30th June 2020.
For the new policybuyers, death due to covid-19 is covered under the plan after the policy purchase. While buying the policy, it is very important to consider that as long as one share all the details correctly with the insurers, the death claim will be paid to the nominee irrespective of whether the person is affected or not with COVID-19.
Even though no separate term insurance policy is offered by TATA AIA Life insurance for COVID-19, the death claim filed due to COVID-19 will be covered under the TATA AIA Term insurance policy. In case you are thinking about whether or not you should buy term plan during a pandemic, then a simple answer to this is yes, you should. Moreover, if you have dependents to take care of or if you are the single breadwinner of the family then having a term insurance plan is even more important to create a financial backup for your family in the long term.
Once the beneficiary submits all the required documents to the insurer. The insurer will verify the claim and process it accordingly.
In this time of the pandemic, it is imperative to have a term insurance cover and provide the right financial protection to the family. During this time, the TATA AIA term insurance for coronavirus ensures life protection for you and your family in case of any eventuality caused due to COVID-19. Thus, in this day and age, the importance of the TATA AIA term insurance plan cannot be overlooked.