The pandemic indeed has forced financial security to the minds of almost every individual in an unprecedented way. Throughout the nation, individuals are surely moving towards proactive buying amidst the concern growing in regards to the COVID-19. In these times of uncertainties, coronavirus term insurance needs to be an integral part of financial planning.Considering the severity that has been caused by the second wave of COVID-19, it is important to have a life insurance plan to secure the family's financial future. It is highly recommended to buy the life insurance plan at an early stage of life and enjoy the benefits. Moreover, an individual would end up paying less premium amount when the plan is bought at an early stage of life.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
The outbreak of coronavirus has affected worldwide nations adversely. As per the World Health Organization (WHO) reports, as of 2021, May 06 there have been a total of 155,506,494 confirmed cases that include 3,247,228 deaths globally. Besides, 1,170,942,749 doses of vaccines have also been administered as recorded on 2021, April 04.
In India, as per the data shared by the Ministry of Health and Family Welfare, there are 3645164 active cases and 234083 deaths as of 2021, May 07. About 17612351 have been discharged as well. The growing impact of this virus has become a matter of great concern for our nation.
Although every possible step has been taken by the government to stop the spread of COVID-19, we need to be prepared against any type of unfavourable situation. Having a life insurance policy is one solution to protect yourself and your family against any type of eventualities. However, the question arises whether the life insurance policy provides coverage to the family of the insured for death due to coronavirus and can an individual purchase a life insurance policy after contracting the virus.
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
The coronavirus disease also referred to as COVID-19 is an infectious disease, which is caused due to a newfound coronavirus.
The ideal way to stop the prevention and transmission of novel coronavirus (COVID-19) is to be well-informed in regards to this infectious disease. It is of prime importance to understand the cause and spread of the coronavirus to battle this disease.
Primarily, make it a point that you wash your hands at regular intervals for a minimum of 20 seconds with an alcohol-based hand-wash. Next, avoid touching your face, mouth and nose and use hand sanitizer from time to time.
The novel coronavirus (COVID-19) infection spreads principally through either by salivation or release from the nose when a person coughs or sneezes, so it's significant that you likewise practice respiratory hygiene (for instance, by hacking into a flexed elbow).
Further in this article, we have elaborately discussed everything you need to know about COVID-19 and life insurance.
By now, we all know what is COVID-19 or coronavirus. This virus has become a nightmare for each of us. It is everywhere, and the second wave of COVID-19 has been deadly. Although in the initial months of 2021, there was a dip in the cases. However, the second wave is stronger with complex mutations. The hospitals, crematoriums are running out of spaces. In the second wave, the rise in the cases has been exponential.
In these tough and emergency times, having insurance is a necessity more than a benefit. With the ensuing global pandemic, the importance of coronavirus term insurance is more pronounced. Even now people are in a dilemma whether or not a term insurance covid cover exists.
Well, we are living in times of both health and financial emergencies. The repercussion for the COVID-19 might vary from one person to another; however, the cost for the treatment of COVID-19 is most expensive for a major population.
For instance, an individual who is tested positive for COVID-19 needs to take utmost care and precautions for a minimum of 14 days. If required, the person needs to get hospitalized too. The hospitalization process will add up to the treatment expenses.
Now calculate hospitalization for 14 days without a ventilator. It would be somewhere around Rs 2 lakh. The costs for the patients on ventilators are high considerably. Well, these are just estimated figures that will vary for both public and private hospitals. These are expenses that can easily create a hole in anyone's pocket. Besides, what if
someone who is positive passes away and is the primary earning member of the family.
Well, a situation like this is scary.
Under such unfortunate circumstances, a term insurance policy will be much helpful.
The World Health Organization has already declared the current situation a controllable pandemic.
India has also seen a rise in the number of cases, besides the government has already initiated a complete lockdown along with the suspension of all transportation both national and international. As of now, people are staying home and avoiding going moving out of their respective homes unnecessarily.
At this point coronavirus term insurance essentially implies that in case of any eventuality caused due to the COVID-19, a life insurance policy will take care of you and your family.
The importance of this coronavirus insurance cannot be overlooked as the spread of this infectious disease has got no limitations. A life insurance cover will secure you and your family even under devastating situations.
Undoubtedly, the outbreak of this global crisis, the coronavirus is a wake-up call for all those who thought that buying a life insurance policy is not important and have been avoiding it for a time innumerable. COVID-19 insurance is important and this will be one of your important investment and protection simultaneously.
In the present times, a coronavirus term insurance policy is important and a major part of your financial planning. The earlier you buy a life insurance policy, the longer you will be covered and the less premium you will end up paying.
The government has successfully implemented lockdown in the entire nation to check the spread of this infectious disease coronavirus (COVID-19).
We do not know, what would the ramification of this infectious disease. However, when it comes to a life insurance policy, people who already have the policy need not worry much. However, any applicant applying for a life insurance policy now will witness an impact.
The treatment towards your life insurance policy application will vary from one provider to the other. Therefore, it is important to check with the different insurance provider in regards to the same.
For individuals who are thinking about whether they should purchase a life insurance policy during a pandemic like COVID-19, the short and simple response to it is yes. One
must not hang tight for a worldwide wellbeing emergency to instate to take vital money related assurance for you and your family.
A pandemic doesn't mean end times. Life insurance is a management tool in case of any perils, so whenever you have remarkable obligations or people who rely upon you for money, you ought to have a life insurance policy set up to shield your friends and family from any financial crisis under any untoward situation.
If a person dies due to coronavirus had a life insurance policy, the beneficiary of the policy will receive the sum assured amount as the death benefit. If the person demised had a life insurance policy, then the beneficiary or nominee of the policy needs to know that death occurred due to health-related problems, are generally covered by a life insurance policy. This means that in case the existing policyholder dies due to COVID-19 then the death benefit will be paid to the nominee or beneficiary of the policy.
Seeing the ever-increasing need for life insurance policies many life insurance companies like LIC, Max life Insurance & Exide life Insurance have come up with a dedicated process of COVID-19 to deal with these challenging circumstances.
The importance of having a term insurance plan with COVID-19 financial security can surely not be undermined in the toughest of times that the world is facing. A coronavirus term insurance will be helpful to cover the risks in future. A term insurance plan will offer a financial safety net to the family in case of any uncertainty.
Compared to any other life insurance plans, the term insurance premium is cost-effective. While buying a term insurance plan, choose the cover significantly to cover the family. In case, the term insurance plan is not bought ensure that the financial future of the family is safe when the primary earning member is not around anymore.
Think wisely and act judiciously!
Any individual who has recovered from the coronavirus might have a tough time buying the life insurance policy. This might happen as the insurance companies in India need a waiting or cooling period of 1-3 months when the person recovered from coronavirus is applying for the life insurance plan. Besides, one might undergo extra medical tests too.
The insurance companies are asking for an additional test to analyze and identify the category of risk of the applicants. In case the covid survivor tests negative for COVID-19 after 3 months of the cooling period then it reduces the chances of relapse and enables to avoid any challenges in the claim.
For anyone planning to buy a life insurance plan after recovering from COVID-19 should understand what would happen in the case of concealment.
There are instances of people who developed medication complications even after recovering from coronavirus that could be life-threatening too. The compensation quantum in a life insurance plan is a significant amount. So, when the insurance company accepts such risky policies, it will become a challenge to honour the claims later in case people get affected because of post-covid medical complications.
Because of this, insurance companies have raised their guards before accepting any new applications for the policy. In the case of a life insurance plan, the covid survivor will obtain a waiting period of 1-3 months or even more on the premise of the criticality and required prevalence of underwriting.
And in case an individual is a recent victim of coronavirus, the wait will be even longer. A negative test for the COVID-19 survivor is a mandate and the waiting period begins from the result date of the COVID-19 negative test. This is to mitigate any risk of post covid after effects. In case an individual recovers earlier, and then the application will be accepted faster.
Any insurance policy is issued in complete faith by the insurance company that all the information provided by the policyholder will be correct. If anyone is trying to conceal the history of COVID-19 intentionally, this would lead to rejection of the claim.
The applicants for the life insurance policy are required to disclose the material facts in the form of a proposal that includes the pre-existing medical conditions. Besides, some comorbidities are becoming critical in regards to the COVID-19 and insurance companies have increased the testing to identify any such ailments while issuing a new policy.
Undoubtedly, many people who have survived COVID-19 might not have coronavirus term insurance or adequate insurance. These people now understand the value of having an insurance policy and might want to buy a life insurance policy to protect the financial future of the family. Well, until herd immunity is developed against this virus the scrutiny is likely to be increased and the waiting period is going to be the norm with the insurance companies. So when planning to buy a term insurance covid cover, the individual should be prepared for a situation like this.
Remember, no matter what, for the family ‘You’ are the difference. Take all the necessary precautions, avoid large gatherings outside, wear a double-mask, use sanitizer regularly, and so forth.
The COVID-19 is covered by most of the existing life insurance policies. However, the coverage offered by the policy and claim process may vary from policy to policy. Thus, you must check the policy details before purchasing one and be aware of the terms and conditions of the policy.
In this time of the controllable pandemic, it is important to buy a coronavirus term insurance and include it in your investment portfolio, which will provide you with a suitable cover in case of any eventuality. Undoubtedly the world is fighting hard to fight hard with this contagious virus and the importance of possessing a coronavirus term insurance should not be neglected at any cost. It is important to secure the future of you and your close ones with the right coverage. If you already have an existing term insurance policy you need not worry about the financial part and it is better to get in touch with the respective insurance provider and get a clear understanding in case of any dilemma or clarifications if required.
Protect the future of the family against any uncertainty.
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