Prices Increasing Soon
India is one of the worst affected countries in terms of the number of active cases. The cases of COVID-19 are rapidly increasing in the country. In these unprecedented times, ensuring a secured future for the family is more important than ever. If you are the single breadwinner of the family, it is always in the back of your mind to create a safety net for your family.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Note: Know more about what is term insurance first before reading this article.
In a situation like this, term insurance plans are the right insurance product that provides the right risk coverage for the family and ensures that all the financial needs of the family are taken care of in case of any eventuality.
Read further to know that does the term insurance policy covers death due to COVID-19 or not.
Term Plans
If the insured person dies due to COVID-19 has a term insurance policy then the nominee of the policy will get the death benefit as the sum assured amount. However, if you are looking forward to purchasing a term insurance plan now then it is important to keep in mind that the premium rate of the policy is determined by the insurance company on basis of the medical history of the policy buyer.
As long as the insurance holder discloses all medical information to the insurer at the time of policy purchase, wherein he/she is not infected with the coronavirus, the death claim filed will be payable to the beneficiary of the policy. The death benefit will be paid even if the cause of death is from coronavirus infection. However, to be on the safe side make sure you go through the policy exclusions in detail before making an informed choice.
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 15%#
Compare 40+ plans from 15 Insurers
Before zeroing in on a plan to ensure financial protection to the family in the long-term, it is important to understand why having a term insurance plan is important especially in these unprecedented times.
If we talk about the insurance coverage, then a term insurance policy offers the most cost-effective way to provide financial protection to your family and loved ones. The pure term plan offered by term insurance is specifically designed to provide higher insurance coverage at minimum premium rates. The plan provides financial protection to the family in case of the unfortunate demise of the insured person during the tenure of the policy. Moreover, term insurance plans also take care of the future liabilities of the family.
With a minimal premium rate, the cycle of the premium payment depends on the option chosen by the insurance holder at the time of policy purchase. During this spread of the pandemic, people are now more concerned about creating a financial backup for their family, thus they are preferring to purchase term insurance plans over other term insurance products.
Note: You can easily calculate the term plan premium by using the term life insurance calculator online tool.
The term insurance industry has witnessed a massive boost in policy purchases since the outbreak of COVID-19. Let’s take a look at the major reason for the boost in the purchase of term insurance policies.
The term insurance policy provides insurance coverage to the beneficiary of the policy as a death benefit in the event of the unfortunate demise of the insured person during the tenure of the policy. Moreover, in terms of insurance policies, maturity benefits are also offered, in case of survival of the insured person for the entire policy tenure. This maturity benefit can be used to accomplish the long-term financial objectives of life.
The term insurance benefits not only takes care of the liability of the family but also helps to clear the repayment of loans or debt.
Along with the benefit of insurance coverage, the term insurance policy also helps the individual to fulfill their investment goals and create a financial cushion in the long term.
The term insurance policy helps in tax saving. The premium paid towards the plan up to the maximum limit of RS.1.5 lakh and the maturity proceeds are tax exempted under Section 80C and 10(10D) of the Income Tax Act.
The three prime benefits of the term insurance policy are life protection, tax-saving, and minimum premium rates as compared to other insurance products.
If an individual is planning to purchase a term insurance policy during this time, then they should keep this in mind that the premium rate of the policy is determined by the insurance company based on the medical history and health of the policy buyer. Hence, it is quite sensible to reckon that a global health crisis like coronavirus can have some impact on the premium amount of the policy or in the process of policy acceptance if a buyer is currently in the stage of application processing.
It is very much possible that the insurer may hold or even reject the policy if a person’s term insurance policy application is in process and if he/she has already been in contact with the coronavirus infection. The insurance company is liable to pay the death benefit to the beneficiary of the policy until the time the policyholder shows all the details accurately at the time of purchasing the policy, wherein he/she is not infected with the coronavirus. The insurer will pay the death benefit to the nominee, even if the insured person dies due to coronavirus afterward.
However, while buying a policy the insurance buyer must go through the exclusion in detail and know the various factors where they will not be covered.
Any unforeseen event like this can happen anywhere, anytime. Thus, it is imperative to be pre-planned and secure yourself and your family with a term insurance policy. Essential or not essential cover yourself and your family with a term insurance policy. Coronavirus is a fatal infection and is more than a growing problem. So, think and make the right choice.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2025 policybazaar.com. All Rights Reserved
+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Buying a home is a major milestone, but it also comes with
Read more
Amit was a 38-year-old marketing professional with big dreams
Read more
Are you looking for an affordable way to protect your family's
Read more
Term insurance is a crucial financial safety net for families
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
