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While the pandemic may be the past, buying term insurance during the COVID-19 pandemic was considered a good decision and can still be helpful for future financial planning.
The relevance of term insurance plans bought during the COVID-19 pandemic can be considered from two perspectives: their immediate impact and long-term significance even after the pandemic subsided. The pandemic might be over, but the impact of plans bought at that time is still persistent and supports the policyholders.
While the COVID-19 pandemic was a difficult and uncertain time for everyone, it did highlight the importance of financial protection and led many people to consider buying term insurance. The infection rates were high, and the mortality rates were significant. With so many lives lost, people realized the need to safeguard the well-being of their loved ones against uncertainties. If you have financial dependents and outstanding debts, any time is the right time to invest in term insurance as a safety net for your family.
Life insurance companies issued new term plans during the pandemic. However, most were asking for COVID-19-related disclosures. People had to provide information like:
On the basis of the information provided, the following cases were raised:
Life insurance companies in India accepted COVID-19 claims. These claims were settled under certain conditions:
The waiting period starts when you receive your policy documents. The coverage of the policy will begin after this period. If the death happens during this phase, the company is not liable to settle any claim.
Your insurer will honor your beneficiary’s claim due to COVID-19 if your policy is in force during the unfortunate incident.
With the onset of the pandemic, medical bills were high, which made people turn to insurance companies for support, which they got. People who did not have any policies bought insurance plans to safeguard further their savings and the lives of their loved ones. Some of the immediate impacts of term plans brought during COVID-19 are:
The pandemic underscored the fragility of life and the potential vulnerability of families in case of the breadwinner’s loss. Term insurance provided a much-needed safety net, offering financial protection to families amidst widespread job losses and economic uncertainty.
Compared to other life insurance options, term insurance offers high coverage at relatively affordable premiums. This made it financially feasible for many individuals, even those facing economic hardship, to secure their families’ future.
The pandemic encouraged people to prioritize health and well-being, leading to interest in term plans with additional riders like critical illness cover or accidental death benefits. Some plans even offered specific coverage for COVID-19 hospitalization or death, providing immediate relief during the crisis.
COVID-19 insurance plans are still relevant while providing financial support to the policyholders. Some of the long-term impacts of plans bought at the time of COVID-19 are:
While the pandemic’s immediate threat may have lessened, the need for financial protection against unforeseen events remains. Term insurance purchased during the pandemic continues to offer long-term peace of mind, ensuring that families are covered in case of the policyholder’s passing, regardless of the cause.
Even as circumstances change, term insurance can adapt to evolving needs. Many plans allow for flexibility in premium payments or coverage adjustments, enabling policyholders to tailor their coverage to changing circumstances.
During the pandemic, many insurance companies adapted their application processes to allow for online submissions and medical questionnaires, making it easier and more convenient for people to apply for term insurance.
Beyond the financial aspect, term insurance provides a sense of security and peace of mind, knowing that loved ones are protected regardless of unforeseen circumstances. This mental and emotional well-being carries significant value and contributes to overall quality of life.
Term insurance plans bought during the COVID-19 pandemic provided immediate relief and protection during a difficult time and continued to offer long-term value and security for families. They serve as a reminder of the importance of preparedness and the need for financial safeguards against life’s uncertainties, even beyond the pandemic’s shadow.
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.
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
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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