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Coronavirus Term Insurance

With the resurfacing of COVID-19 in the country, people are looking for ways to secure the lives of their loved ones, and one such way is through buying COVID-19 term insurance. A Coronavirus term insurance plan can help an individual financially secure their family during such unprecedented times. Under this type of term plan, a death benefit is provided in case of unforeseen demise of the life assured because of coronavirus.

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What is COVID-19 Term Insurance?

A Coronavirus term insurance plan is a type of life insurance plan that provides additional financial coverage against death due to COVID-19. 

In general, term insurance plans provide death benefits only due to disease if the life assured succumbs to any critical illnesses such as stroke, heart disease, and cancer. However, currently with COVID-19 cases rising day by day, various insurers cover death caused due to COVID-19 also. This type of plan offers you peace of mind and makes sure that your family members are financially supported in case of any difficult times.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Why Do I Need Coronavirus Term Insurance?

A COVID-19 term plan is a necessity these days as it provides financial protection against death because of COVID-19. During COVID-19-related death cases, the chosen beneficiary of the life assured can make a claim and is eligible to get the sum assured as a death benefit. The IRDAI has also issued guidelines for insurers to increase insurance claims related to COVID-19.

A COVID-19 term insurance plan’s life cover is one of the most cost-effective ways of securing from any unfortunate events and protecting your family’s future in this ongoing pandemic.

Benefits of Coronavirus Term Insurance

Here is a list of all the benefits of having term insurance coverage against COVID-19 in India.

  • Financial Security: These plans allow the policyholder to live a stress-free life knowing their family will be able to use the benefit payout amount to pay for their lifelong goals like buying a house or paying off any remaining rent.

  • Death Benefit: The COVID-19 term plans to provide a death benefit to the family of the policyholder in case of the life assured’s unfortunate death during the policy tenure due to COVID. 

  • COVID-19 treatment expenses: If in case, an individual gets infected by the virus and needs to be hospitalized, the COVID-19 treatment expense can be a lot. This can also become a large financial burden on the family members. However, a term insurance plan with coronavirus coverage provides all the medical expenses because of the disease and thus can offer the required financial help in case of medical emergencies. 

  • Available For Everyone: Coronavirus can affect anyone irrespective of their age, thus it is important for everyone eligible to buy term plan to secure their loved ones in their absence. Anyone over the age of 18 and below 65 years of age can buy term insurance plan but the entry age for each plan might differ from insurer to insurer.

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How to Choose the Best COVID-19 Term Insurance?

You can find the best coronavirus term insurance for yourself by keeping the following factors in mind:

  • Choose Appropriate Life Cover: Since this life cover amount would be paid to your family, in the event of your unfortunate death, the sum assured should be enough to cover your family’s expenses and financial obligations. You should keep your current annual income, monthly expenses, rent, child’s fees, potential inflation, and loans and debts in mind while calculating the suitable sum assured.

  • Assess the Impact of COVID-19 on Mortality Rate: Since 2018 the mortality (death) rate has increased by 2.5% and by 2030 it is expected to reach 8%. By buying comprehensive term insurance that covers deaths due to COVID as well you are ensuring your family is financially secure under all eventualities including COVID-19.

  • Select the Plan with Affordable Premiums: There are several insurance companies that offer term insurance for COVID-19 at affordable premiums, thus you can compare term plans online on the basis of their premium rates offered and select the plan that fits your budget the best.

  • Add Relevant Riders to the Plan: Most term insurance companies offer the following rider that you can include in the base term plan to enhance the policy’s coverage. The important term insurance riders available are terminal illness rider, critical illness rider, hospicare benefit rider, accidental death benefit rider, accidental total permanent disability rider, and waiver of premium rider.

  • Opt for the Suitable Policy Term: The longer the policy term, the longer the duration your loved ones will be financially protected in the event of your unfortunate death. Thus you should buy term plan with a large policy term to ensure your family’s security for the long term.

  • Look for the Waiting Period: Some term plans in India have a waiting period during which the policy does not cover certain diseases and causes of death. Thus you should always read the policy documents carefully for a better understanding of the potential waiting period.

  • Claim Settlement Ratio: The claim settlement ratio of a company denotes the ratio of claims settled by a company in a financial year to the number of claims received by them in the same year. You should always purchase term plans from a company with a higher CSR value as it ensures that the company will be able to settle your family’s future claim.

What New Policybuyers Should Know About COVID Term Insurance?

  • High sum assured

    The term insurance plans offer a high amount of sum assured when compared to other life insurance plans at low premium rates. At the time of buying term insurance with COVID, you should choose a large cover to financially support your family. 

  • Do not always choose a plan based on low rates of premium 

    Purchasing COVID-19 term insurance is a cost-effective and comprehensive way to financially secure yourself against any unfortunate events related to the virus. These plans generally have a low amount of premium and give you high coverage. 

  • Make sure financial protection with the right coverage 

    The payout from the term plan can help your dependents to live their lives comfortably when you are no longer around. Always choose the right amount of term insurance plan that offers COVID financial protection. 

  • Check the claim settlement ratio of the waiting period 

    Most plans come with a waiting time before paying for some diseases. So, in the case of COVID, you don’t have to go under long waiting periods.

  • Check the Claim Settlement Ratio of Insurance Company 

    Most insurers that offer term plans with Coronavirus offer financial protection with fast claim settlements.

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How To Buy Coronavirus Term Insurance in India Online?

Here is how you can buy term plan for COVID-19 from the comfort of your home:

  • Step 1: Go to the term insurance page

  • Step 2: Fill in your name, date of birth, gender, and mobile number

  • Step 3: Enter your annual income, educational qualification, occupation type, and smoking and chewing tobacco habits

  • Step 4: Go through the list of available plans and select the most suitable coronavirus term insurance

  • Step 5: Proceed to pay

How To File a Claim For COVID-19 Term Insurance?

You can claim your coronavirus term insurance by following the below steps:

  • Informing the Insurance Company: The first step is to inform the insurance company about the unfortunate death of the policyholder as soon as possible. You need to submit a duly filled claims form of the insurance company along with all the required documents. 

  • Claim Processing: On successful submission of the claim form, the company will verify the claim request. The company may also request extra documents stating the diagnosis of COVID-19 during the policy tenure.

  • Claim Settlement: Once verified, the company will contact the nominee on the shared contact details and process the sum assured amount to the nominee’s bank account.

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  • Q: What is COVID term Plan?

    Ans: A COVID-19 term insurance plan is a regular term insurance plan that also provides coverage against COVID-19 as well. These plans pay out the sum assured at death to the nominee, in case of the policyholder’s unfortunate death due to COVID during the policy term.
  • Q: What is the role of insurance in the COVID pandemic?

    Ans: Term insurance during COVID helps you live a stress-free life by not having to worry about your family’s future in your absence. With term insurance in place, your family can use the benefit payout amount to maintain their current quality of life and ensure they are able to pay off any remaining loans and debts.
  • Q: Will the life insurance policy include COVID-19 claims?

    Ans: Yes, death claims caused due to COVID-19 are covered under coronavirus term insurance. If you are planning to purchase a new policy then you must go through the terms and conditions of the policy documents to see if the death due to COVID is covered under the plan or not.
  • Q: How can I Know the claim status of the policy?

    Ans: You can check the claim status of the policy by visiting the customer care section of the insurance companies. You can also e-mail or WhatsApp to check the claim status of the policy.
  • Q: How can I pay my policy premium?

    Ans: You can pay the premium of the policy by visiting the official website of the life insurance company. The premium amount can be paid via credit card, debit card, NEFT, RTGS, or phone wallets like Paytm, google pay, BHIM, etc.
  • Q: What will happen to the claims already initiated and not disclosed yet?

    Ans: The life insurance companies are in the process of settling claims that have already been initiated. In case of any queries, the nominee can contact the insurer through e-mail.
  • Q: Why is it important to submit all the documents/ records as required by the company?

    Ans: All claims are verified and settled by the company on the basis of information that you submit in the form of documents in connection with the claim. It is advisable for the beneficiary to provide complete information to the insurer for smoother and faster claim processing.
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