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

Term Insurance Plan – Secure your family and loved ones’ future during such hard times with Kotak e-Term Plan. Know more about Kotak e-Term during Covid 19 by visiting this section

  • Oct 05, 2020

The COVID-19 pandemic is a stark reality today. The infection rates are high, and the mortality rates are significant. With so many lives lost, people realize the need to safeguard the wellbeing of their loved ones against uncertainties. If you have financial dependents and outstanding debts, this is the right time to invest in term insurance as a safety net for your family. Read on for clarifications on some common doubts about buying term insurance in these challenging times.

Are life insurance companies accepting new term insurance proposals during the pandemic?

Life insurance companies are issuing new term plans. However, most are asking for COVID-19 related disclosures. You may have to provide information like:

  • Whether you or your close family members had to undergo COVID-19 diagnostic tests
  • Whether you have already tested positive or awaiting results
  • If you or any family member has recently received treatment for COVID-19 symptoms like sore throat, fever, breathing trouble etc.
  • If you travelled abroad within the past few months
  • If you have come into contact with any COVID-positive individual in the previous weeks

CASE 1: If you do not have COVID-19 symptoms - You can buy term insurance outright.

CASE 2: If you show any COVID symptom - The insurer may postpone your insurance temporarily.

CASE 3: If you have travelled to a foreign country recently - The insurer may advise you to wait for some time before reapplying, to ascertain that you are not at risk of contracting the disease.

CASE 4: If you acquire the infection during the application process - You must reveal this information to the underwriter. Otherwise, the insurer can deny the claim later.

Will the pandemic affect the current insurance premium rates?

Your term plan premium depends on your age, gender, health conditions, and the type of coverage plus the premium payment term you select.The pandemic will not affect the cost.

Will the insurer honour claims arising due to COVID-19?

Life insurance companies in India are accepting COVID-19 claims. However, there are certain stipulations:

1 . If you contract the disease in the waiting period: 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.

2 . If your policy is active: Your insurer will honour your beneficiary’s claim due to COVID-19 if your policy is in force at the time of the unfortunate incident.

How to buy a term plan during this pandemic?

1 . Buy online: To minimize contact and maintain social distancing norms, you can buy term plans online. Such plans usually cost less than offline products. Expert advisors of the insurer will contact you via telephone or online mediums. You can provide your identification documents through email or directly upload scanned copies on the company’s web portal. The payment can be made online, as well. The insurer will then issue the policy document and may send the soft copy by email.

2 . Check the provider’s credibility: Find out the claim settlement ratio (CSR) and solvency ratio of your insurance company before you make any payment. A high CSR indicates that the company has a robust record of meeting claims. Thus, your family’s financial future will be in good hands.

A term life insurance policy is your family’s best protection against the coronavirus pandemic. You can buy the e-Term Plan online and help your family deal with any unfortunate aftermath of COVID-19.

Kotak e-Term

Download Brochure


  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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