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Term Insurance Plan for COVID-19

COVID-19 or coronavirus disease is a highly contagious disease caused by the SARS-CoV-2 virus. Today, we all have experienced and understand the chaos it brings. Besides bringing the world to a halt, COVID-19 has also ruined many families wherein multiple bread earners have lost their lives.

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Though we cannot control any of this, we can make sure our families stay financially secure during such events of life. Term insurance helps you easily achieve this goal. You can buy a term insurance plan for COVID-19 to safeguard your loved ones in case you lose your life to coronavirus.

Benefits of Term Insurance Plan for COVID-19

The benefits of having term insurance that covers COVID-19 are:

  • The main benefit of a term plan that provides coverage for COVID-19 is the financial protection your family gets if you die from coronavirus disease.
  • You get the benefits like any other term insurance plan. Such as:
    • Tax saving: Term insurance comes with income tax benefits. Under Section 80C, the premium you pay for your term insurance policy is exempt (up to 1.5 lakhs). And under Section 10(10D), the death benefit your family will receive will also be fully exempt.
    • Peace of mind: Term insurance gives you peace of mind. With any term insurance, you feel secure for your family since you know that they won't have to face any financial trouble in your absence.
    • Simple policy structure: Term insurance is probably the simplest form of insurance. It promises to compensate in case the policyholder passes away in return for the premium you pay.
    • Low-cost premiums: Term insurances have very low-cost affordable premium rates. Even with the COVID-19 coverage, the premium rate is low.
    • Different payout methods: If you die of coronavirus infection and your family claims the policy, they will receive the death benefit either as a lump sum or as a monthly or annual income. They can also choose to receive the benefit in a combination of lump sum and monthly/annual income form or receive it as an increasing income at the inception. But keep in mind that this payout arrangement must be decided according to your family's financial needs.
    • Various add-on or additional riders: A term insurance allows you to choose additional riders. Additional riders like critical illness or accidental death rider enhance the strength of your existing or base term policy.

Should I Buy Term Insurance for COVID-19?

The main purpose of any term insurance plan is to offer financial safety for your family, and in this rough time, you never know what can happen. COVID-19 is highly contagious and spreads at an unprecedented speed. No matter how many precautions you take, it is still uncertain if this virus can infect you. To provide your family with a financial shield in case you die because of this deadly virus, you must have term insurance that covers COVID-19.

However, you must know that the insurance company may check your past health records and ask you to go through some medical exams, including COVID-19. In case you test positive for coronavirus at the time of purchasing the policy, the insurance company can refuse to sell you the policy.

Insurance for Recovered COVID Patients

If you were infected with coronavirus and have recovered, it might be a little tough for you to get a term insurance policy with COVID-19 coverage. It is because the insurance companies want 1-3 months of cooling period after the patient has recovered. After the cooling period, you may have to go through further medical exams before making the final purchase of term plan with COVID-19 coverage. 

Does My Existing Term Policy Cover COVID-19?

The coronavirus pandemic has caused multiple deaths or badly affected the health of those who were infected. Most insurance companies have now included death by the coronavirus in their policy conditions for which your family or beneficiary can make the claim. 

Besides, insurance companies now treat death by the COVID-19 as general death and accept claims raised by the deceased's family. Your family must submit valid and relevant medical records provided by the hospitals or doctors.

Factors Affecting the Premium Cost

The factors affecting your premium cost for any term insurance with COVID-19 coverage are:

  • Current age: Your age affects the premium cost. For example, if you are young, you probably have to pay a lesser premium compared to an older person. Because older people are more likely to develop any critical illness/disease such as cardiovascular disease, diabetes, etc. and they are more like to raise a claim
  • Pre-existing illnesses: If you have any pre-existing illness/disease, it might affect your premium cost because these diseases increase your probability of raising a claim.
  • Habits: If you have a habit of regular smoking, you might have to pay a higher premium than someone who does not smoke. 
  • Add-ons: If you buy add-ons such as critical illness cover, accidental death cover, etc., you have to pay a higher premium. It is because these extra plans strengthen your base policy and provide extra coverage in return of a higher premium.
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In Conclusion

Follow the safety guidelines issued by our government, wear masks, wear gloves, maintain social distancing to avoid contracting COVID-19. Your existing term insurance plan can provide your family financial coverage in case you die after getting infected by the coronavirus. If you don't have any term insurance plan, you can simply buy a policy with suitable coverage at an affordable premium cost to be on the safe side. It will give you mental peace and your family financial support.

FAQ's

  • Q1. Can I pay my premiums online?

    Ans. Yes, you can pay your premiums online by visiting your insurer's website. Most insurance companies allow premium payments through net banking, UPI, debit card, credit card, NEFT, RTGS, etc. You can follow any mode suitable for you.
  • Q2. Can the premiums change after some time?

    Ans. The change in premium price depends on factors like the addition of riders or if you start smoking regularly after the purchase of the policy. For your safety, you have to declare this fact to the insurance company, and this may affect your premium cost. The premium may also change if you develop any critical illness during your policy term.
  • Q3. How does term insurance differ from life insurance?

    Ans. A life insurance policy provides the policyholder maturity benefits, while term insurance does not provide any maturity benefits. It only provides a death benefit to the family of the insured/policyholder in case he/she dies.
  • Q4. Are deaths caused by any "Act of God" covered by the term insurance plans?

    Ans. Death caused by any "Act of God" is covered by a term plan unless any event is mentioned under the exclusions of that particular policy.
  • Q5. How to buy a term plan with COVID-19 coverage?

    Ans. Step 1: Find a suitable term plan with COVID-19 coverage which you would like to purchase.
    Step 2: Visit the insurance company's website.
    Step 3: Select the amount that you would like as coverage and select the policy term.
    Step 4: Fill in the required details and purchase the policy.
    Step 5: If the insurance company does not provide an online policy purchasing facility, then you have to visit any nearest branch and purchase the policy.
  • Q6. How to choose the tenure of my term insurance plan?

    Ans. The tenure should be decided carefully and calculatedly after understanding your family's financial needs and the risks involved. Most of the plans will provide you coverage up to 60 years of age, but some plans are available that will cover till the age of 70 or 75 years.
    And if you feel you need further clarification, you can use a term plan calculator, available on the online websites of the insurers. You can also choose to take financial advice from any financial advisor.

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