Can I Buy Term Insurance for a COVID-19 Patient?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Can I Buy Term Insurance for a COVID-19 Patient?

Can I Buy Term Insurance for a COVID-19 Patient?
  • 26th Nov 2021 |
  • 482

The COVID-19 pandemic has made people in India realise the importance of having a life insurance cover to get financial protection against such uncertainties. Insurance companies suggest that there has been a significant rise in the number of policy buyers since 2020.

As the world has witnessed several fatalities due to COVID-19, many Indian’s rush to purchase a new insurance policy like health insurance and term insurance. Many first-time insurance buyers prefer buying a term plan mainly because it provides high coverage at an affordable premium.

As per the IRDA (Insurance Regulatory and Development Authority) mandate, all general and health insurance companies are directed to cover COVID-19 under the existing and new policies compulsorily. So, if you already have term insurance, you can be assured that the insurer will pay the sum assured to your family in the event of your demise due to COVID-19.

Due to the increasing number of COVID-19-related death claims, the insurance companies consider COVID-19 death as a general death and provide financial compensation to the policyholder’s family. However, if you don’t have an existing term plan, can you purchase a new policy for a COVID-19 patient?

No, if you or the person for whom you want to purchase term insurance is diagnosed with COVID-19 or show symptoms of the infection, buying a new policy can be challenging. If you have COVID-19 when purchasing term insurance, it will be treated as a pre-existing condition, and your term insurance application may be rejected.

Today, insurance companies are taking more precautions on whom they cover. If you are looking to buy a new policy, you must comply with specific requirements like providing medical proof of your health status. Some insurers may even ask you to undertake a COVID-19 RT PCR test and submit the latest report to ascertain your COVID-19 status.

Also, many insurance companies have introduced a questionnaire that you must fill as part of the application process. The questionnaire is specially designed for the buyer to disclose their COVID-19 status. It may contain questions like ‘Have you ever been advised to take a COVID-19 test? ‘Have you been tested positive for COVID-19 before?’ ‘Are you awaiting your COVID-19 test results?’ etc.

If you check any of these boxes, there are chances that the insurer will reject your policy application. This is done to filter out the applicants buying term life insurance policies, despite having COVID-19 symptoms. Regular term insurance is not priced to cover such high-risk individuals, and the insurance companies would want to know about the objective of buying a term plan in such uncertain times.

You must answer all the questions honestly and disclose the COVID-19 status. Hiding any information from the insurer can prove to be a costly mistake later. Suppose your family files a claim a few months after purchasing the policy. In that case, the insurer may undertake an investigation, and if they find out that they did not disclose any information, they will not honour the claim.

This could mean your family will not get any financial aid even as they are mourning your loss. The last thing you would want your family to face is financial hardship as they are dealing with the emotional stress of losing a family member.

Therefore, from a term insurance buyer’s perspective, you must purchase a policy early because if you reside in a high-risk area or a red zone locality, you can assure financial protection to your family.

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Planning For Son or Daughter's Wedding

Why is it important to buy term insurance plan?

Term Insurance Age Limit – Term Plan for All Age Groups

8 Factors to consider before choosing a Critical Illness Insurance

Protection for your family

How To Choose the Right Sum Assured Under a Term Plan?

Why You Must Include In Your Financial Planning?

Is Group Term Life Insurance Provided By Employer Sufficient?

Planning For Children's Future

Is a Term Insurance Policy Portable?

What Is the Correct Age to Buy Term Insurance?

How To Choose the Right Term Insurance Plan?

Why 1 Cr Term Plan Is Necessary For Family?

Eligibility Criteria for Buying Term Insurance in India

Do I Need to Give a Medical Test for Term Insurance in India?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

How to Identify Term Insurance According to Your Needs?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Can I Extend the Tenure of My Term Insurance Plan?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

All you need to Know about Term Insurance Plans for housewives

9 Most Frequently Asked Questions on Term Insurance

Top 3 Reasons Why You Should Buy A Term Plan Now

भारत में गृहणियों के लिए टर्म इंश्योरेंस

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Can You Increase Your Term Insurance Cover?

5 Reasons to Buy Term Insurance When You are in Your 30s

Do Beneficiaries Pay Taxes on Term Insurance?

Why Should You Not Take A Term Plan Without Medical Test in India?

Why Spending Time with Friends is Essential for Your Mental Health?

Term Plans are Definitely Cheaper than You Think!

5 Benefits of Early Retirement Planning

Tax Benefits of Term Insurance in India

10-Year Term Life Insurance Policy - Explained in Detail

Everything About Claim Settlement Ratio for Term Insurance

Busting Myths and Facts About Term Insurance Policies

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Insuring Against Accidents with an Accidental Death Insurance Rider

Insuring Against Disability With Disability Insurance Rider

What All Documents Required For Term Insurance In India?

भारत में जीवन बीमा कितने प्रकार के होते हैं?

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

While Buying Term Insurance Compare Features, Not Just Premiums

Form 16, Form 16A, and Form 16B?

Understanding Term Insurance Riders

9 Tax Changes in Budget 2019 that may Impact Your Personal Financial Planning

What Types of Deaths Are Covered in a Term Insurance Plan?

Make Your Online Term Plan Your Familys Monthly Payout

Calculating Term Insurance Premium

Is term Insurance Needed for People With No Dependents?

How To Calculate The Amount Of Term Life Insurance You Need?

All About Term Insurance Inbuilt Coverage

What is a short term insurance policy?

What is a term insurance plan with a return of premium, and how does it work?

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Term Insurance Plans and Policies for Smokers

Why Term Insurance Is Important in times of COVID-19?

4 Methods to Calculate How Much Term Insurance You Need

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Advantages & Disadvantages of Term Insurance in India

Term Insurance With Riders In India

What is Insurance Premium - A Detailed Guide

Can Senior Citizens Avail Term Insurance?

How Much Term Life Insurance Cover Do I Need?

How do I Calculate My Term Insurance Premium

Is ₹1 Crore Term Insurance Good Enough Cover?

6 Types of Death not covered in Term Insurance Plan

How Not To Get Your Term Insurance Claim Rejected

How Much Term Insurance Do I Need

Term Insurance vs Life Insurance: Understand the Difference and Benefits

Difference Between Term Insurance and Endowment Plan

How To Change The Nominee in Term Insurance?

Term Insurance with Critical Illness

Why Buy Term Insurance Plan With a High Cover?

All about Online Income Tax Calculator

Why Term Plan Should Be The First Step To Securing Your Future?

Insurance Policy for Housewife In India

What are the Tax Benefits of Sukanya Samriddhi Yojana (SSY)?

Why Premium Amount for Term Insurance is So Low?

8 Benefits of Term Insurance You Should Know

Is There Any Tax Benefit on Term Insurance?

Tips to Choose the Right Term Period for Term Insurance Plan

Term Life Insurance Plan for Smokers vs Non-Smokers

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

How Does Term Life Insurance Work? Learn the Benefits

How to Surrender Term Life Insurance When You Have No Liabilities?

What Should You opt for - Limited or Premium Pay?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

Should Youngsters, Working Couples Buy Term Insurance Plans?

How to Compare Term Insurance Online

Can I Get Term Insurance on Behalf of My Spouse?

Difference between Section 80C and 80CCC of the Income Tax Act, 1961

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Why Should You Buy Term Insurance in 2022?

Why does every working women need life insurance?

Advantages of Buying Term Insurance in Your 50s

Should You Buy a Term Plan After 40?

Endowment Plans vs Term Plans: Understanding the difference

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Comparing Term Plans – What Should You Look Out For

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Ensure Protection Against Death, Disease & Disability With Life Insurance

Does Term Insurance Cover Accidental Death?

Term Insurance Basics You Should Know

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

5 Things To Consider While Buying Term Insurance Plan

What is Critical Illness Policy?

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

How Does A Term Life Insurance Work in India?

Side Effects of Covid-19 Booster Doses

What Happens if you Hide Facts in your Term Insurance?

10 Ways to Mentally Refresh After a Stressful Day

Know How to Invest at Every Age for Larger Returns

Do You Need Term Insurance Cover After Retirement?

Is It Good To Buy A Term Insurance Plan In 2022?

Increasing Term Insurance and Riders

9 Point Guide on how to File Income Tax Return Online

Why Buy Term Insurance Even at Rising Rates?

Why Should You Add a Rider to a Term Insurance Plan?

Term Plan with Spouse Cover

9 Ways to Help Family Members in Financial Trouble

Steps on How to Buy Term Insurance Online

4 Reasons Why You Need Critical Illness Cover

Choosing Riders for Insurance Plans

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

8 Things To Do After Buying Term Insurance

What Should Be The Duration Of Your Term Plan in India?

Should you buy a Renewable Term Life Policy?

Reasons You Need Term Insurance Plan as a Self-Employed Person

What is Term Insurance? Term Plan Meaning and Definition

Which Death Type Does Your Term Plan Not Cover?

Is Life Insurance Investment Worthy Enough

Buying A Term Insurance Plan? Take These Factors into Account

Different Types of Protection Plans

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Best Investment Plans for Children - Secure Your Child's Future

Can I Make Changes to My Term Insurance Policy Post Purchase?

3 Things to Consider When Buying Term Insurance, If You are Single

Should You Have Multiple Term Life Insurance Policies?

Should you have more than one nominee in your term insurance?

What are incremental term insurance plans?

Insuring Protection Against Death With Death Insurance Rider

Why Should New Parents Buy Term Life Insurance?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

8 Types of Death not covered in Term Insurance Plan

Is Term Life Insurance Plan an Investment or Expense?

Gift Your Father A Term Insurance Plan This Father's Day

Term Insurance Calculator - Everythng You Need To Know

Why should single women purchase term life insurance?

What Are Insurance Riders and How to Choose Them in a Term Plan?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Term Insurance: Smokers vs Non-Smokers

What Is a Renewable Term Insurance Policy?

What Are the Best Term Insurance Plans for Planning Retirement?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

What are the Documents Required for Term Insurance Plan?

Insuring yourself against Ill Health with a Critical Illness Rider

Zero Cost Term Insurance Plan: What is & Should you buy it?

Different Types of Premiums in Term Insurance?

4 Things To Expect From Your Term Insurance Plan in India

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Individual Life Insurance vs. Group Term Life Insurance

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

6 Reasons That Make Term Insurance a Must Buy

Why Term Insurance Is Better Than ULIP?

How Much Cover Should I Take In A Term Plan?

Online vs Offline Term Insurance: Which Is The Better Option To Buy

5 Term Insurance Benefits for Single Women

Can Term Insurance Plans Be Purchased As A Gift?

Cost of Term Insurance Likely to Increase Soon

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Why Married People Should Buy Term Insurance Under MWP Act?

Importance of Term Insurance at Every Stage of Your Life