Why You Should Buy Corona Kavach Add-on With Your Term Plan

The Coronavirus pandemic has shown us that life is uncertain and unexpected situations can happen at any point in life. Today, it is considered one of the worst public health crisis recorded in history books. On the contrary, insurance penetration in India is at one of the lowest levels across the world at 3.69%, according to IRDAI’s annual report of 2019.

The Silver Lining
Though the silver lining here is, ever since the pandemic struck, the realization towards the importance of insurance has increased among people. According to a survey by Policybazaar, 70% of respondents have bought term insurance purely for the financial protection of their family. In fact, as per a consumer survey by Swiss Re, Indian consumers are second-most active in the APAC region seeking insurance during COVID-19. 

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Term life insurance acts as a financial safety net in case of the demise of the sole earning member of the family. It provides a financial cushion to your loved ones so that they don’t have to seek financial aid from relatives or friends when you are not around. Term life insurance helps in protecting your income as well as planning a legacy for your family. It is one of the simplest and cheapest financial instruments available online.

If you are planning to buy a term life insurance policy, you must have done a bit of research. While researching, you would have read about add-ons/rider. These add-ons are extra benefits that you can buy along with your term insurance policy to make it more comprehensive. The most common add-ons available are accidental death rider, an accidental disability rider, critical illness rider, etc.

Bundling Corona Kavach Add-on With Term Insurance 
In the current scenario, it is important to have overall protection for yourself and your family. Keeping in mind the importance of having health insurance to cover medical expenses against Covid-19, Policybazaar along with leading insurers introduced Covid-19 specific add-ons with term insurance plans. So, if you are planning to buy term life insurance, you can bundle your policy with Covid-19 rider to make it more comprehensive, so as to have wholesome financial protection. Moreover, these add-ons are available at cheaper prices.

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Max Bupa Health insurance is providing Corona Kavach add on with term life plans from PNB Met Life, HDFC Life Insurance, and TATA AIA Life Insurance on Policybazaar. The following are the benefits of buying this rider:

• It covers all Covid-19 treatments and the waiting period is very less which is only 15 days.
• Treatment at home due to Covid-19 is covered.
• Pre and post hospitalization costs are covered.
• Consumables like PPE kit, gloves, masks, etc up to sum insured.
• There is no room rent limit.
• Any co-morbid conditions including pre-existing illness will be covered along with Covid-19 up to the sum insured.
• Ayurveda, Unani, or alternate medicine methods are covered up to the sum insured.
• There is a family floater option available for up to 2 adults and 4 children.
• Ambulance charges are covered up to Rs 2000 per hospitalization.

The Corona Kavach add on can be bought for a sum assured between Rs 1 lacs-5 lacs. You can choose the policy tenure for 3.5 months or 6.5 months or 9.5 months. For a 30-year-old male, non-smoker living in Delhi, a combination of term plan of Rs 1 crore from TATA AIA with Corona Kavach Policy of sum assured Rs 5 lacs and tenure of 9.5 months can cost only Rs 1,167 per month. Of this total premium, Rs 1040 will be the cost of the rider which has to be paid one time.

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