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Term Insurance Policies During COVID-19 Pandemic

The ongoing pandemic has impacted millions of people around the world and disturbed everyone’s lives everywhere. The contagious respiratory disease has become one of the biggest health concerns for the Government. India has started its largest COVID vaccination drive in the world and has vaccinated 41 crore Indians till now with one vaccination dose and approximately ten crores with both vaccination doses.

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Individuals who tested positive for COVID-19 not only require medical care but also financial and emotional support from their families. Have you ever imagined; how will your family manage all the expenses if you are not there with them? Having a term insurance plan in these tough times of COVID outbreak is a must. These plans provide a backup and help the family of assured to cope with the financial consequences in case of the unfortunate death of the policyholder due to COVID-19. 

Note: Know more about what is term insurance first before reading this article.

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COVID Term Insurance Policy 

COVID term Insurance policy is a traditional plan that offers additional financial protection and stability against death due to COVID. Usually, term insurance plans provide death benefits due to the diseases/illnesses if the life assured has been diagnosed with critical illnesses such as cancer, heart diseases, and stroke. As the cases related to COVID are increasing day by day, various insurers are now providing term insurance covers against death due to COVID as well. 

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List of Best COVID Term Insurance Policies 

What can offer you and your family better financial security than a term insurance plan during these critical times of COVID? By paying a premium amount of Rs. 500, you can easily get a life coverage of Rs. 1 Crore. Term plans offer you high coverage at low premium rates. With the availability of several term plans, selecting the right one is a difficult task. Here is a list of the best COVID insurance policy that might provide you protection against COVID. Let’s discuss some of the top term policies that protect you financially in COVID times: 

  1. EDLI - Employees Deposit Linked Insurance Scheme  

    EDLI is a kind of insurance scheme offered by EPFO i.e., Employee Provident Fund Organization. This cover provides financial support and protection to the organization’s employees in their tough times. In case of the unforeseen death of the active member of EPFO, the legal heir or nominee will receive a lump sum amount up to Rs. Seven lakhs for managing their future finances. 

  2. PMJJBY - Pradhan Mantri Jeevan Jyoti Bima Yojana 

    This scheme was introduced by the Indian Central Government to protect the weaker sections of the community. The policy provides premiums at lower and pocket-friendly rates i.e., about Rs. 330 premiums for a year. This policy is offered to individuals between 18 years to 50 years having their bank accounts. PMJJBY offers a unique and number of benefits to its customers such as death and maturity benefits, coverage of risks, and tax benefits. A policyholder can only make claims after 1.5 months of registering into the policy. If in case the death happens within the 1.5 months of registering the policy, then the nominee/legal heir will never be able to claim. 

  3. Saral Jeevan Bima Yojana Term Plan 

    This policy is specifically designed for individuals having a relatively lower educational family background and having weaker socio-economic status. It is a non-linked and non-participating insurance plan that pays a lump sum amount (death benefit) to the nominee if the life assured dies during the policy term. The policy offers Rs. 5 lakhs as a minimum sum assured and Rs. 25 lakhs maximum sum assured. 

    Along with all the term insurance plans discussed, insurance buyers should be aware that term plans are of different types. The selection of the right term insurance policy solely depends on the policyholder’s needs and financial objectives. 

  4. Regular Term Plan 

    A policyholder can also opt for regular term insurance plans in which the term of paying premiums equivalent to the policy tenure. These types of plans offer monthly, semi-annual, or annual modes of paying premiums. In a single term insurance plan, there is an option to pay premiums as a lump sum for the complete policy term whereas in the case of a limited premium term, the premium amount is paid for a limited time and the coverage is for a long term. The premiums amounts are comparatively higher in the case of Saral-Jeevan Yojana as compared to the regular term plan. 

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Coverages Under COVID Term Insurance Policies 

As the number of COVID cases is rising, the IRDAI and the Indian Government has decided to take the initiative to introduce customized COVID plans. If you have already a term insurance plan, make sure to ask your insurer about the COVID cover and how will it work with the term plan to provide financial protection against COVID-19. There are various best term insurance policies in COVID that provide you security but the selection of the right plan depends on your needs and liabilities. Let’s discuss the coverage provided by the top term policies: 

  1. Death Benefit 

    COVID term insurance policy offers financial protection in case of an untimely demise of the policyholder during policy tenure due to CIVID. The nominee/legal heir will receive the sum assured amount in such cases. 

  2. Coverage for Diagnosis and Hospitalization 

    If you want to be prepared before COVID strikes you, buy a term plan. Various insurers offer term rider options that provide 20 percent of the SA (sum assured) as a lump sum amount to provide financial stability against the medical expenses related to COVID-19. It is always advisable to check the term insurance plan with COVID before purchasing any policy. 

Wrapping It Up!

COVID is a serious health concern these days that require financial protection of you and your family. If you are looking out for COVID protection apart from social distancing and sanitization, then a COVID Term insurance policy is one of the safest solutions. The deaths due to COVID are protected under the term plan subjected to the policy’s terms and conditions. This simply means that if you have already a term insurance plan or you will purchase a new one, then the COVID deaths are covered under the policy in both cases. We have discussed some of the best term policies in COVID that you can purchase to financially protect your family after you.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.


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