Mukesh went from only buying groceries online, to buying term insurance too! Here’s how!
The whole world is currently struggling to survive due to the deadly Covid-19 virus. This lethal virus has taken thousands of lives all over the world and has been declared as a pandemic by the World health organization.
To contain the spread of this virus several countries including India have adopted serious measures like nationwide lockdown to make sure their citizens are safe. Everyone is ensuring personal safety while securing themselves and their family’s future. People are depending on online means to purchase essentials starting from buying groceries to buying their life insurance plan online for their financial security.
Let’s take a look at how a term life insurance plan can prove to be a great financial safety blanket for your family during covid-19.
Why Must You Get A Term Plan Amidst This Pandemic?
As the virus has already traversed across the globe, the significance of purchasing a term insurance plan for financial protection against covid-19 cannot be ignored. With a comprehensive term insurance plan you can prepare for the unprecedented future and safeguard financial protection for your loved ones after your demise.
The dependents you choose while signing up for a term insurance policy with covid-19 cover will receive a guaranteed assured sum in case you die due to health-related issues such as covid-19. In case you’re already on a Term Life insurance policy with additional riders that cover the risk of covid-19 disease your dependents and family members can still gain the assured sum upon your death.
Plan and be sure that your loved ones will be able to cope with the challenges of life after you are no longer with them. While choosing an online term plan for the protection and safety of your family, you need to keep a handful of things in mind:
- The number of premiums required for the covid-19 insurance policy is determined as per your past medical history and current health conditions
- If you haven’t got the virus before and during the time of purchasing the term insurance policy you will also be eligible to receive benefits upon catching the disease in future
- Covid-19 protection can also be added to the regular term insurance plans in the form of riders
It’s highly emphasized to read all the documents related to the policy thoroughly to make an informed purchase decision. As every company offers varying terms and conditions, you must conduct proper research before proceeding.
The pandemic acts as a reminder for people to get their life covered through an insurance policy, especially for the ones who have been procrastinating this crucial financial decision for a long time. If you are still unsure about getting a term plan, you still need to find an alternative for surviving these uncertain times.
What Does COVID-19 Financial Cover Offer You?
As the covid-19 received the title of a novel virus, a majority of insurance companies started offering coverage policies for the disease. As per the mandates of IRDA, it is listed among the other diseases covered in a standard life insurance policy. If you already own a term insurance policy, you need to enquire with your insurer about the covid-19 cover associated with your plan and how it offers financial protection to your family.
With that said, let us take a look at some of the intrinsic features of term insurance with covid-19 financial protection, which may prove to be useful in case you are diagnosed with this disease:
- Death Benefit – a term insurance plan with covid-19 protection allows you to cover the financial needs of your family in the event of your unfortunate death due to covid-19. If this happens, your chosen nominee will receive an assured sum to tackle their daily expenses.
- Hospitalization and Diagnosis Cover – Various insurers also provide you a specific percentage of the sum assured in form of a lump sum amount against the medical expenses incurred for hospitalization and diagnosis.
Whether you are practicing safety measures or not, the virus still seems to be unstoppable despite the commencement of vaccination drive across the nation. That’s why you must prepare for the future by choosing a term Life insurance plan with COVID-19 cover.
Best Term Insurance Plans for COVID-19
1. ICICI Pru iProtect Smart
The ICICI Pru iProtect Smart is a term insurance plan that offers additional financial cover against demise caused due to covid-19. The plan also features benefits for illness and critical medical conditions like heart disease, cancer, stroke, and many more. It also falls under the married women’s property act that makes sure the amount of insurance is only given to the policyholder’s wife or children.
2. Aegon Life iTerm Plan
The Aegon Life iTerm plan is a non-linked and non-participating plan that provides a life coverage of up to 100 years of age and features terminal illness benefits. The plan provides you great flexibility by allowing you to choose from three different options namely life protect Plus and dual protection. Moreover, you can also choose from different payout options such as fixed monthly income lump sum or a combination of both.
3. Canara HSBC Oriental Bank of Commerce iSelect Star Term Plan
The Canara HSBC Oriental Bank of Commerce iSelect Star Term Plan is a highly customizable online term plan that can be adjusted as per your requirements to offer reliable financial protection to your family against the uncertainties of this pandemic. The plan features various increasing life cover options to help you achieve different milestones of your life. Moreover, there are several discounts that you can avail of through this term life insurance plan.
The pandemic has already taken away the lives of thousands of people, and it’s still in action. Therefore you must consider getting a term Life insurance plan to protect your family against any unprecedented situation during these hard times.
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