Prices Increasing soon Prices Increasing Soon

Importance of Term Insurance in the Times of COVID-19

Ever since the beginning of the ongoing pandemic, people have realized the importance of having term insurance in place as a safety net. Out of all the life insurance products, term insurance is one of the most affordable and easy to customize as per your requirements. As researchers suggest, the number of covid cases in the country may rise in 2023. Since precaution is better than cure, let us not make the same mistake we made before the onset of the pandemic and understand the need of having term insurance in times of COVID-19.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#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

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

People from all walks-of-life and age group have become more aware and cautious. In India, this growing awareness has been specifically witnessed in the insurance industry. People have been inquiring about the term insurance plan and get a risk cover as well.

Why Buying Term Plan Is The Best Option During COVID-19?

In these tough times, a term insurance policy is not just limited to benefits but moreover has become a necessity. In case you are still wondering to avail the policy listed below are key points that you should be aware of:

  • Shortage of Liquid Assets

    There is no doubt that this global pandemic has led to joblessness and unemployment across the nation. The impact has been so that it resulted in a cash crunch wherein budgeting had to be done for the non-essential expenses. Given the current circumstances, a major concern is in regards to the health expenses. In case of any treatment required, the incurred expenses towards the same are heart-wrenching. For people who are still employed, their concern is the job security specifically for the working class as losing the job will directly affect the economic condition. This is one of the major reasons that people have become more aware in regards to the insurance policy and has been choosing a term insurance policy, and so forth to secure themselves and the dependents.

  • Financial Security for a Long-term

    The nationwide lockdown has surely affected every section of society and the impact can simply not be overlooked or neglected. This was the time when people had to dig into the savings so that they could meet the everyday requirements, the basic amenities. In India, the savings account is common wherein the fund is accumulated for the tough times. At such a crucial time, insurance business came into the spotlight. When it comes to buying a term insurance policy, age is a prime factor and plays a crucial role in determining the premium. The term insurance premiums are comparatively low when compared to any other form of insurance. Another advisable cover for this who are more prone to the risk area is a personal accident cover that would support the dependents.

  • Online Availability

    At such a point in time, you can easily buy the policy online. This is the time when we have understood the importance of taking the digital route and likewise select the plan. The key aspect of buying the term plan online is that you can choose a plan that suits your budget and customize the policy as per the needs. You can also easily compare various term insurance quotes and features. If required, you can get in touch with the customer support that will assist you in the best possible manner.

Term Insurance in COVID-19 Times

In the times of novel coronavirus, financial stability is something that each one of us is keenly looking forward to. It is also the right time to buy the term insurance policy.

The term plan will safeguard your family members. In case of your untimely demise, it will help the family to receive the benefits as per the policy. To be specific, the term plan nominee will be able to avail the benefits of the term insurance policy.

The key highlight of a term plan is the pocket-friendly premium and the guaranteed sum insured. A term plan is one of the best instruments available in the market when you do not wish to spend a lot on any insurance product.

Foolproof Preparation When Buying Term Plan

When you think to buy the term plan planning is of utmost importance. Below are some pointers that will help you to make a wise decision:

  • While you are busy working from home and do not want to take that risk of going out and buying the policy well you can easily buy the term insurance policy online. Moreover, you can easily compare the benefits and features of the term plan.
  • When buying the plan, read the product brochure. Make sure that the plan has all the important features that will be helpful in case of any emergency. Take an in-depth understanding of the claim process thoroughly.
  • Make sure that the nominee is somebody from your close-knit family, for instance, your life partner, child or an ageing parent. Make sure that the nominee uses the money judiciously in case of your absence.
  • Keep the documents handy and safe once the term plan has been purchased. Moreover, inform your family in regards to the same and specifically in times of COVID-19 wherein adversity can happen at any point in time. Let them know the claim procedure and filing for the sum assured if you are not there tomorrow.

Wrapping it Up

In the past, the government of India had already enforced a lockdown to prepare the citizens to understand the seriousness of the situation. It is important to follow the guidelines as issued by the Indian government and follow the protocol of social distancing, respiratory hygiene, wearing a mask and use of alcohol-based sanitizers.

The pandemic is pacing up across the globe; the best you can do is taking care of yourself and the family members and secure them with the right type of insurance policy. The future ahead of us is uncertain and any occurrence can surely change our lives drastically. Having a term insurance policy will go a long way and secure the future of the family members in such exceptional situations. Live the life that you love so much with no financial worries.

Stay Safe!


Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
03 Apr 2024

How Policybazaar Helps With Dedicated Claim Assistance

Mr. Kumar has been working with a Public sector bank in Delhi.

Read more
19 Mar 2024

Kotak Term Insurance Login

Kotak Life Insurance is one of the leading insurers offering a

Read more
07 Mar 2024

HDFC 5 Crore Term Insurance

Securing your family’s financial future involves a lot of

Read more
04 Mar 2024

Kotak 5 Crore Term Insurance

Financially protecting your family's future requires detailed

Read more
04 Mar 2024

PNB 5 Crore Term Insurance

Securing your loved ones’ financial future involves detailed

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
30 Jul 2018

What Kind Of Deaths Are Not Covered In A Term Insurance Plan

A term insurance plan is the best way to ensure the financial well-being of your family members in case of the

Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL