Does Your Term Insurance Plan Cover COVID-19?

Common mistakes to avoid while choosing a term insurance policy

The world is still under the influence of the COVID-19 pandemic. In many places around the world, conditions are still in an alarming state. The emotional and health consequences inflicted by the virus are beyond anyone imagined. Many experts believe that a third wave of the virus is likely to emerge across the world any time soon. As a major part of the global trade community, India will also be heavily impacted by any surge in COVID-19 cases across the world. Even though the COVID-19 vaccination drive across the world has offered some relief in these distressful times, the situation is still not entirely back to normal. The risk of falling sick and leaving loved ones without financial security is on everyone’s minds. 

Importance of a term plan during the COVID crisis

In times of such stress and uncertainty, the importance of term insurance comes into perspective. Since the pandemic began, many people have realized that a term plan has more relevance in their lives than just a tax saving tool. Many good term insurance plans cover COVID-19, providing hope for families that lost their primary earning member. If you still do not have a term plan, you should invest in a comprehensive term plan life insurance as soon as possible. However, if you already have a term policy, you can be assured of your family’s financial security even if the COVID-19 virus seriously damages your health. However, the exact COVID-19 coverage situation for you might be different for you based on your insurance provider and whether you buy a new policy or hold an existing one.

Existing term plans coverage for COVID-19.

Term insurance policies are designed for pure protection. They are plans that provide financial protection to your family in the event of your death during the term of the policy. The relevance of such plans cannot be adequately emphasized in these critical times when the COVID-19 virus has engulfed the entire world. Term plans protect your family from future dangers and provide adequate protection for your loved ones from the possibility of your absence. These policies cover death due to malignant virus as per the directive given by IRDAI and offer a guaranteed payout to your nominee at the time of claim settlement. Your family and dependents can use the death benefit to cover their living expenses and maintain their standard of living. Also, it makes sure that your family does not have to compromise on financial goals such as higher education and buying a home, etc. Some term plans with COVID coverage also cover the cost of diagnosis and hospitalization. At a time when the coronavirus epidemic has caused millions of deaths worldwide, the term policy provides a much-needed monetary cushion in this situation.

New term plans coverage for COVID-19

If you want to protect your loved ones from the financial crisis by any effect of the virus, you should invest in a term policy as soon as possible. To know the premium to be paid for your term insurance policy you can always use a term plan premium calculator available online. Considering the unpredictability of the pandemic, it is advisable to purchase an appropriate life cover. Term plans are economical and can provide financial protection for your family in the event of an emergency.

Also, since the COVID-19 virus affects people of all ages in a variety of ways, it is best to purchase a term insurance plan with additional riders so that the coverage is more complete. If you have a major illness such as heart disease, kidney, liver, etc., term insurance can help protect you along with a critical illness rider. When you purchase a critical illness insurance cover, your family will receive a guaranteed amount that will help cover them. The cost of your treatment. If a serious illness leads to your death, the family will also benefit from the death, providing financial shelter in your absence.

In addition to investing in a proper term plan life insurance, it is also important that you follow all COVID safety protocols such as adhering to social distancing, wearing masks, following great personal hygiene, eating healthy, and improving immunity. Following all COVID guidelines and securing your family with a good term plan ensures that you can live calmly in times of uncertainty and panic.

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