The coronavirus outbreak in the whole world was something everyone just wanted to erase from their memories. The horrible and scary time everyone was facing with the deaths of their loved ones was just terrible. This disease took millions of people’s lives and ruined many lives.
We hope that this disease or any kind of pandemic never happens again. During this tough time, we realised the importance of having life insurance. The families having life insurance had some point of relaxation that if anyone in the family is dead, at least they can claim on it and get the benefit of the life insurance policy they had. Life insurance will not save the life of the loved one, but it can secure the family of the other family members.
In this article, we will find out how life insurance covered deaths during the covid-19 outbreak, how it was claimed, and those tough times. So let’s move ahead.
Getting Life Insurance For Covid-19
Whether you can avail life insurance cover for Covid-19 related deaths or not depend on your policy’s terms and conditions. Here, two cases arise. One for those already insured, and the other for new policy buyers. Let’s take a detailed look at each case.
1. Having an existing life policy
In a difficult period such as COVID-19 engulfing the entire world, life insurance cannot be underestimated. It is, after all, intended to cover the risks you imagine in the future and provide a high degree of protection for your loved ones when you are not there. In the event of the death of an insured, beneficiaries and dependents appointed by the policyholder at the time of the purchase of life insurance shall be entitled to benefits.
This indicates that the demise of the person whose name the policy is purchased is insured as an event, even if brought on by a medical problem like an outbreak of COVID-19. Your family will be able to make a claim on one’s death and take advantage of the sum that has been promised if you have an existing life policy, including term insurance. It would allow them to carry on their lives without financial worries and to maintain the important milestones you have set for them.
2. New Policy Holder
It is important to understand a few things if you have not yet bought a life insurance policy and want to safeguard your loved ones from the risks of this deadly illness by purchasing one now. Your health and medical history are considered when determining the policy’s premiums. Suppose you are not exposed to coronavirus until the policy is purchased. In that case, your family may be entitled to a death benefit if you become infected early with this disease.
However, the insurance company may issue you a policy after a medical examination if you have underlying medical conditions or have already contracted an infection. Policy premiums might be a little high compared to others. Whether that policy is immediately adopted or not may also be uncertain. For those Indians who do not yet have life insurance and hesitate to make that choice, the coronavirus outbreak is an awakening call. It’s worth noting that individuals who have previously acquired a life insurance policy in pure protection form, like a term plan or more than one Life insurance policy, benefit from the advantage over their uninsured counterparts.
Even after death, the family of the former will be financially protected, as opposed to the latter, who may need to rely on other means of survival in such uncertain times.
A life insurance policy is important, as nobody knows what will happen tomorrow. We should be prepared to deal with uncertain situations in life. An insurance policy like the Corona Rakshak Policy, a Covid-19 benefit-based health insurance plan that Aditya Birla Sun Life Insurance offers, is one of the best policies anyone can have. This coronavirus health insurance plan is exclusively designed and provides a lump sum payment if the policyholder is diagnosed as COVID positive. Without financial pressure, such as in some of the best hospitals, this policy helps patients cope with an ongoing pandemic and receive treatment.
The policy covers all hospitalisation expenses, which include ventilators, oxygen levels, oximeters, PPE kits, and other equipment unless your existing healthcare plan provides sufficient coverage. An optional daily cash benefit of 0.5% of the sum insured per day for a maximum of 15 days of hospitalisation may be added to enhance the benefits of the Aditya Birla Corona Rakshak policy.