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It has been more than a year since the pandemic hit across the world and it seems that there is no end to this catastrophe. The second wave has been a nightmare as it observed the third-highest number of deaths in India after the US and Brazil. A lot of post Covid complication cases have also been reported such as black fungus, white fungus, yellow fungus and now even green fungus, wherein the overall mortality rate is 50%. Moreover, the virus has formed mutations that are highly transmissible and deadly such as the delta plus variant, that even studies are on whether vaccinations are successful against combating. There is also an anticipation of a third wave in October.
Amidst uncertain times like these, it is important that we take necessary precautions both personally and financially as well. It is always sensible to insure yourselves and your family, so that you don’t land up in a financially difficult situation at the time of an emergency. Having comprehensive health and term life insurance has become a necessity these days.
Comprehensive health insurance provides a financial cushion for you and your family at the time of a medical emergency. In Covid times, hospital bills can cost as high as Rs 10 lacs per patient. God forbid, if the entire family has to undergo hospitalization, then you will have to pay the exorbitant bill from your own pocket thereby, denting your financial savings. So, it's always suggested to go for a higher sum insured cover which can provide adequate protection at the time of hospitalization. Nowadays, there are high sum insured covers (Rs 1 crore) available which cost only Rs 800-900 per month.
Term life insurance is a life insurance plan that provides financial coverage to the beneficiary of the policy if the life insured dies during the active term of the policy. It ensures that daily expenses don’t suffer in case of unfortunate demise of the life insured. Therefore, you must get a term life insurance policy, especially, if you are the sole breadwinner of the family. There are plans as high as Rs 1 crore coverage which cost only Rs 800 per month. The sum assured of your term plan should be ten times your annual income. For example, if your annual income is Rs 10 lacs, then Rs 1 crore term cover is the bare minimum that is recommended.
Moreover, this year, April & May have seen a delay in issuance of life insurance policies. While the average time taken for physical medical was 3-4 days earlier, this jumped to 7-8 days during the months of April and May – when most of the country was under strict lockdown. This was due to a mix of events like the strain on medical infrastructure- labs/phlebos who collect samples at home, restrictions on movement in various locations, customers' acceptance to let someone come home to collect samples or to go out for tests where necessary. Because of Covid concerns, insurers and reinsurers were also strict about adhering to the demands.
As unlock happened in June, it saw all of this being relaxed and has turned out to be a good period for customers in being able to complete medical tests/requirements faster. The medicals are being done at a much-improved speed.
What you definitely don’t want in the future is to delay buying life insurance because of a stricter lockdown or being exposed to a larger risk while stepping out of your home. So, considering these factors, it is always prudent to get covered under the insurance umbrella as soon as possible. You never know what will happen in the days to come. As there are chances of a bigger third wave, you should definitely get yourselves covered immediately before any such movement restrictions kick in.
07 May, 2021