Should You Buy Term Insurance Amidst COVID-19 Rising Fear?

We are living in times when the world is going through a global crisis. In such tough times, having a term insurance plan, which covers death because of COVID-19, can simply not be ignored. With the second wave of COVID-19, our country has faced quite an unfortunate time.

Read more
Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

The mortality rate of the country has increased drastically over the last couple of months. Considering the present pace at, which the cases are significantly rising in the nation, it will take some time to get back under control.

The rise in the mortality rate is not only because of the novel coronavirus but also of the massive caseload. This has overwhelmed the healthcare system of India. 

Is a Term Insurance Plan Need of the Hour? 

The present situation is worrisome leading to a situation of panic and anxiety. At the same time, it is important to emphasize the need for a financial plan.

A plan that protects the immediate financial dependents in case of any unfortunate event. The very initial step towards comprehensive financial planning is a protection life insurance product that is a term insurance plan. It is to be noted that a covid infection may delay the term insurance eligibility for up to three months.

Anyone who has financial dependents and any other liabilities should consider buying a term plan, especially for any such unprecedented times. You can consider buying a term plan of 30 lakh or even more.

The table below shows the list of insurance companies that offers a life cover of Rs 30 lakh:

Insurer

Plan Name

Life Cover

Claim Settlement Ratio

Cover Age

Monthly Premium

Aegon Life 

iTerm

Rs 30 lakh

98.0%

60 years

Rs 616

Canara HSBC OBC

iSelect Star

Rs 30 lakh

98.1%

60 years

Rs 791

Edelweiss Tokio Life

Zindagi+

Rs 30 lakh

97.0%

60 years

Rs 601

Kotak Life

Kotak e-Term plan

Rs 30 lakh

98.5%

60 years

Rs 885

MAX Life

Smart Secure Plus

Rs 30 lakh

99.4%

60 years

Rs 1213

PNB MetLife

Mera Jeevan Suraksha

Rs 30 lakh

98.2%

60 years

Rs 884

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

The above-mentioned term insurance premium has been taken for an individual who is 35 years old, smokes and earns up to Rs 15 lakh annually.

Why a Term Plan?

A term insurance plan will safeguard your family members in case you are not around. Moreover, a term plan remains a popular choice amongst all the life insurance products available in the market. 

Under a term plan, you need to pay the premium for a pre-defined term against the large cover sum that is known as the sum assured. In case the policyholder passes away within the policy term, the nominee will receive the complete cover amount. This amount can be used to take care of the everyday expenses and achieve various important life objectives such as the education of the child, marriage, and so forth.

In the last couple of months, people aged between 20 years and 45 years seriously got affected by this virus leading to hospitalization. Therefore, in such uncertain times, if you are the breadwinner of the family ensure that you have a term insurance plan of 30 lakh or more. Make sure that the term plan should have a sufficient cover amount to safeguard the financial future of the family. Go with a term insurance plan that suits the pocket and fulfils your requirements.

Buy the Term Plan Online in 2021

With the onset of COVID-19 last year, people are preferably taking the digital route more. Similarly, you can easily buy a term insurance plan online. Moreover, it is ideal to take the digital route as it ensures social distancing practice as well. 

You can easily buy a term plan by simply staying indoors and need not visit any of the insurance company. In case you do not know, buying a term insurance plan online will also help to save money and get better deals.

You can also buy the term insurance plan via a telemedical process wherein a doctor will get in touch. The doctor will ask health-related questions many a time and you need not undergo any physical medical tests. You simply need to provide a copy of the KYC and income documents to the insurance company and make the online payment. Once the payment is done and the medical process or telemedical is completed a proposal is put forward. This will be done via the underwriting process at the insurance company end. If everything is in line, the term insurance plan will be issued. 

The term insurance premium is cost-effective compared to any other life insurance product. Let us just assume that if you buy term insurance of 30 lakh the monthly premium would be somewhere around Rs 1200 or so. Such a premium amount will not put a burden on the shoulder of the policyholder.

Most importantly, regardless of the term plan you buy, the premium would vary from one insurer to the other. Moreover, the term insurance premium is determined by various factors such as smoking, gender, age, health conditions, and so forth. 

Wrapping it Up 

Life is uncertain and unpredictable. Nobody knows what would happen in the coming times; however, it is better to be safe than sorry. A term insurance plan will be ideal protection that you could give the family members against any financial risk that might arise not only with this pandemic but at any point in time.

Written By: PolicyBazaar

Term insurance articles

Recent Articles
Popular Articles
Term Insurance Plan for COVID-19

20 Oct 2021

COVID-19 or coronavirus disease is a highly contagious disease...
Terminal Illness Benefit in Term Insurance

20 Oct 2021

The terminal illness diagnosis can have a devastating impact on...
How Can You Select a Cancer Insurance Plan?

20 Oct 2021

Over the years, several individuals are getting diagnosed with...
What is Direct Term Life Insurance?

20 Oct 2021

Traditionally, buying a term insurance policy involves various...
Is Rs.1 Crore Term Insurance Cover Enough for You?

20 Oct 2021

Nowadays, a large number of people are happy with the 1 Crore...
Types of Deaths Covered & Not Covered by Term Life Insurance
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or...
Why Medical Test is Important in Term Insurance
Why Medical Test is Important in Term Insurance ‘No medical tests required’, you will find this clause blatantly...
10 Questions You Should Ask Before Buying Term Insurance
10 Questions You Should Ask Before Buying Term Insurance There are various doubts faced by customers when it comes...
Term Insurance for NRI in India
Term insurance offers financial protection to the family of the insured in case of demise. Every bread-earner...
6 Reasons Why Term Insurance is a Must Buy
6 Reasons Why Term Insurance is a Must Buy Life is short and one can never foretell what the future holds. To make...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL