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Does your Term Policy Cover COVID-19?

India had seen the most terrible outbreak of the coronavirus two years ago, and that led to the untimely death of a large chunk of the country’s population. After being declared a global pandemic by the World Health Organization (WHO), it became even more vital for many people to be cautious of the disease and be prepared for the worst, as death had suddenly become an unanticipated guest. As of April 2023, the active COVID-19 cases have gone over 66,000 in the country, according to recent data, and have resulted in 19 deaths so far. 

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With the sudden increase in the number of positive cases, there has been a wave of fear amongst citizens. Under such circumstances, a term insurance becomes a protective layer over your loved ones. In this article, we will understand the importance of term insurance amidst COVID-19 outbreak and which plans will be most suitable for your needs.

What is Term Insurance For COVID-19?

Term Insurance for COVID-19 refers to the term plan that also provides coverage for deaths caused due to COVID-19. Under such plans, the nominees of the policyholder will be able to claim death benefits when the policyholder dies due to COVID-19. Let us understand this with the help of an example:

Mrs. Sheetal, a 55 year old non-smoking female with an annual income of 25 Lakhs, had purchased term insurance for COVID-19 of Rs. 1 Crore for her daughter’s financial security. After the death of Mrs. Sheetal, her daughter (the nominee/claimant) initiated the claim settlement process by letting the insurer know about the unfortunate event and followed the claim settlement process to receive the death benefits. Once the death claim was settled by the insurer, the daughter received the amount intended towards her wellbeing by her mother.

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Why Do You Need Term Insurance For COVID-19?

COVID-19 has started surfacing as one of the most dangerous diseases amongst other medical conditions. Therefore, insurance companies have started providing cover for COVID-19 in their term insurance policies. Although term insurance cannot be purchased for a patient who is already suffering from COVID-19 at the time of purchasing, it can definitely be bought by someone whose health condition was sound in the past 6 months (period may differ from insurer to insurer). Below mentioned are some of the reasons why you need to buy COVID-19 term insurance policy:

  1. Secure Your Family For The Future

    After the unfortunate event of your death, your family must be covered for the rest of their lives as times are uncertain due to COVID-19. The sum assured will not just help your family maintain their standard of living, but also act as a financial protection against unwanted times.

  2. Medical Support For Loved Ones

    Once you are not alive, your loved ones will be all on their own and if there is any medical emergency, the death benefit will help them pay off the cost of treatment. During such emergent situations of COVID-19 arising again, the amount will act like a medical support for your dependents/family.

  3. Buy A New Term Insurance Plan

    The nominee can also purchase a new term insurance plan with the death claim amount and secure the rest of the existing family from times of financial crisis. In this way, the amount will be of double benefit and will protect the next generation as well.

  4. Fund Your Children’s Higher Education

    After the death of the policyholder, the death benefit can help the children not stop dreaming about their ambitions and continue pursuing their goals. The amount can fund their higher education, or help them plan for their careers and/or marriage.

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How To Buy Term Insurance For COVID-19?

With COVID-19 outbreak being a dangerous situation in the country, term insurance has become an important addition in the lives of people. While recovering from the disease is quite a task, purchasing term insurance from Policybazaar is relatively easy. You can not just compare from over 15 insurance companies, but also check in detail which plan suits your interests best. Below listed are the steps to purchase term insurance from the Policybazaar platform:

  • Step 1: Visit the Term Insurance page of Policybazaar

  • Step 2: Fill in all the details required, like Name, DOB and Phone Number

  • Step 3: Fill in rest of the details, such as Yearly Income, Educational Qualification, Tobacco Consumption Preferences, Type of Occupation and Pincode

  • Step 4: Choose the plan that best suits your preferences from the list of plans available for you

  • Step 5: Fill in the details required to purchase the plan

  • Step 6: Proceed with the payment option and pay using your preferred payment method

*Note: 

  • If you need more details on the play you are willing to purchase, download the company’s brochure

  • Click on the “Talk to an Expert” option if you wish to consult the customer care team for information regarding the norms and to clear doubts

Things To Consider When You Buy Term Insurance For COVID-19 

Below mentioned are a few things that you should consider before you proceed with buying term insurance for COVID-19:

  • Do not wait for the COVID-19 to infect you to understand the importance of term insurance for COVID-19. The virus will not just trouble you physically, but will also lower your chances of getting term insurance sooner.

  • Enquire all about the death claims, procedures and terms and conditions before you purchase term insurance for COVID-19 for your loved ones.

  • Choose the right life cover from among all the options available, so that if there is another adverse event in the near future, your family can be financially protected.

  • Enquire about the waiting period in case of term insurance for COVID-19 with the insurer before you pay the premiums.

Wrapping It Up!

Term insurance is a decision that will prove to be of long term benefit and protects your loved ones, especially during crucial times. It acts as a security for your loved ones and makes sure you are not bothered about their future while you are recovering from illnesses. It is equally important that you buy the right term insurance plan for COVID-19 as you will be trusting your family’s future with it.

FAQ's

  • Q. How does term insurance for COVID-19 safeguard the policyholder?

    Ans: Term insurance for COVID-19 securess the loved ones of the policyholder in case of untimely death of the latter due to COVID-19.
  • Q. Why is term insurance important in case of COVID-19 outbreak?

    Ans: Term insurance is necessary if there is another outbreak of COVID-19 because the virus spreads very easily from one person to another, and a term insurance will make sure that if something were to happen to you due to the virus, your loved ones will be financially secured for the rest of their lives.
  • Q. What is the role of term insurance in COVID-19 pandemic?

    Ans: The role of term insurance in case of COVID-19 pandemic is that it will help to protect your family against all financial crisis if you were to die due to the virus.

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