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Vaccination Certificate Is Now An Entry Token To Buy a Term Insurance Plan In India
If you are planning to buy a term insurance plan during the pandemic, you might want to re-consider added eligibility criteria.
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- Vaccination Certificate Is Now An Entry Token To Buy a Term Insurance Plan In India
Especially, with insurance 2 topmost companies Axis Max Life Insurance and Tata AIA Life. They have announced that the Covid-19 vaccine certificates are mandatory to buy a term insurance plan. It is going to be quite challenging for people to buy a term insurance plan after this new change in the insurance industry because soon, other insurance companies are likely to add the same rule.
Based on the update, Axis Max Life Insurance will issue term covers to people who are 45 years old and above, with an added condition to provide final vaccination certificates with other necessary documents.
The other insurance company that is leading the list with an added rule is Tata AIA. There is no age bar in Tata AIA, this company will issue policies and will allow those individuals who have received their dose of vaccine.
The new condition of eligibility for new term policies is coming from the reinsurers such as Munich Re and Swiss Re. They are the biggest underwriters of risk for domestic insurance companies.
The Industry experts believe that it will be helpful to insurance companies in two ways:
- The new condition will help insurers tighten their risk management. To further elaborate, Considering the present conditions during the pandemic, it will be riskier to underwrite a non-vaccinated person as compared to a vaccinated person. This will help lessen the claims burden on insurance companies during the third wave.
- Adding this extra step at the underwriting stage will help insurers to identify serious policy buyers from among those who do not wish to take the vaccination.
“The logic is similar to how buying insurance is harder for, say, a long-time smoker. Insurance companies could operate under the assumption that those not getting access to vaccines after a certain period of time could be doing so because they don’t want to get vaccinated at all,”
said an industry expert.
Further to the discussion with the economic times, Tata AIA spokesperson said, “Our practices and policies reflect emerging realities. We continue to stay consumer-focused as well as prudent in our practices."
“To ensure the highest degree of financial protection to our policyholders, we ensure their interests are protected at all times", he added.
Contrary to the benefits to the insurers, a consumer awareness platform for insurance - Beshak.org's chief executive had expressed his concerns and said, “Even a single shot displays intent, and insurers should not penalize customers for not being able to access vaccines when there is a shortage.
This is a major concern for the majority of the population because there is a huge shortage of vaccination in India and this newly added condition for buying a term insurance plan can affect thousands of people who are in the need of an insurance plan at present.
As per the data so far, out of 1.38 billion citizens, only 23.28 crore had taken their first dose of the COVID-19 vaccine.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Rs. 400/month 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 30 years of age, rounded off to nearest 10.
Rs. 400/month (Rs.13/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 30 years of age.
+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. ₹360/month is the starting price for a ₹99 lakhs loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10
+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.
+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs.679/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 30 years of age.
+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 1,374/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 30 years of age.
+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
Women
+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.
1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 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
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