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Ref. No. KLI/22-23/E-BB/492
Global health crisis like COVID-19 would have some impact on your life insurance policy acceptance and premiums if you are currently in the application process stage.
With a total of 23.9 crore cases reported worldwide in 2020 and 2021 and a death toll of 48.8 lakh, Coronavirus or COVID-19 has unfortunately become a household concern for people worldwide. The tremendous damage inflicted during the pandemic has been heartbreaking. Being one of the harshest recipients of this virus, India has witnessed 3.48 crore cases and 4.5 lakh deaths until 2021. There’s no denying that the worry of contracting the sickness weighs heavily on everyone’s mind.
Due to the lack of a targeted cure to combat it, it becomes even more challenging to take assurance of life. This, coupled with the worry of leaving your loved ones without any financial cushion, can disrupt your peace of mind.
In such instances, many flock towards life cover insurance plans to lead a stress-free life with their loved ones. In times like these, the need for information on how to buy life insurance and death insurance policy has become very critical.
Life insurance needs cannot be disregarded in such challenging times where a pandemic has enveloped the globe. This is because life insurance policies are a must-have to bear the possible risks in your future and provide adequate protection for your loved ones while you’re gone. This leads to the question - Is pandemic covered under insurance?
Among the numerous pain points and concerns that keep us up at night, one thing that brings a sigh of relief is that insurance providers regard death caused by the COVID-19 as a “general death.” This means that the beneficiary would be compensated with the insurance coverage at the time of policy closure if all other terms and conditions are satisfied and all prior interests have been fully paid. The insurance company may require the nominee to produce relevant medical documents or doctor’s prescriptions to substantiate the death insurance policy claim.
With life insurance needs increasing manifold, it’s fair to assume that individuals who aren’t yet policyholders have been thinking about how to get life insurance policy to ensure that their loved ones will never have to struggle financially after they pass away.
If you’re going to buy new term insurance after COVID, there are a few things to keep in mind.
Simply purchasing a life insurance policy during a pandemic is not enough to protect yourself and your loved ones from the virus. It’s also important to remember that social distancing, disinfecting, and restricted movement are the most effective ways to combat this situation. You should, therefore, be prudent in understanding how to buy term insurance after COVID-19, while also following the safety measures and related protocols recommended.
Ref. No. KLI/22-23/E-BB/2435