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Importance of Term Insurance in the Times of COVID-19

2020, has been a year so alarming. The outbreak of the pandemic novel coronavirus shook the entire world in just a couple of months.

At this time of global crisis, we have also realized the importance of a lot of many things to a great extent. As of now, no vaccine has been developed to control this outbreak. And the best way to deal with this pandemic is to take all the necessary precautions.

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.

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!

Written By: PolicyBazaar - Updated: 30 September 2020
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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