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Is Death Due to Covered by Term Insurance?

Many people have a misconception that whether a term plan covers death due to COVID-19 or not. Read this article to clear all your doubts.

  • 2,791 Views | Updated on: May 30, 2024

Since the start of 2020, the world has been facing one of the biggest and most serious public health challenges of the century, i.e., COVID-19 infection. The viral disease was declared a pandemic by the WHO (World Health Organisation), and since its onset, it has claimed several lives worldwide, and the death count continues to rise every day.

Even as the world went into a lockdown and people found themselves restricted to their homes, the risk of falling sick and having no financial aid left many worried. This is where term insurance plays a critical role. Having a term plan allows you to secure your family’s financial future in the event of an unfortunate demise.

A term plan provides financial aid to the family by providing a death benefit to the policyholder’s family if the policyholder passes away during the policy period. While term insurance is one of the most uncomplicated life insurance policies in the market, many people have a misconception about it, particularly whether a term plan covers death due to COVID-19.

Does your term plan cover death due to COVID-19?

Yes, if you have purchased a term plan, your existing policy will cover death due to COVID-19. Since the deadly infection has claimed many lives, the IRDA has directed all the general and health insurance companies in India to include death due to COVID-19 under the existing policy coverage scope.

Consequently, all insurance companies consider death due to COVID-19 as general death, and if you have a term plan, you can be assured that the family members will receive the sum assured. However, you must know that the family will receive the benefits only if you have paid all the premiums. Also, the insurance company may ask the nominee to submit relevant medical proof to support their claim.

New term plan for coverage against COVID-19

If you don’t have a health insurance policy or any insurance coverage to protect your family, you can buy a term plan to protect your family from the financial distress caused by the virus. Since everyone is at risk of catching the infection, it is better to stay protected against the financial hassles it brings by having adequate insurance protection.

A term plan is the most cost-effective way to give your family the financial security they need in the event of your demise due to COVID-19. Additionally, since the deadly infection has a severe impact on people of all age groups in different ways, you can consider buying a term plan with additional riders like a critical illness cover to get more comprehensive coverage.

Many people suffer from comorbidities like heart disease, live ailments, kidney issues, etc., due to COVID-19. If you are diagnosed with any such conditions, the insurer will immediately pay the sum assured to cover the treatment cost, which can often run into several lakhs. Funding the treatment cost without insurance can significantly impact your finances; it could mean depleting all your savings.

Suppose the critical illness leads to your demise. In that case, the family will get the death benefit, which will help them meet their necessary expenses and carry on with their regular lifestyle even in your absence.

Term Insurance – the protection you need during uncertain times like COVID-19

Term insurance policy is a must-have for all. It allows you to secure your family’s financial future against death due to COVID-19. The policy will financially compensate your family for the loss of income due to your demise.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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