Covid-19 has affected all aspects of life globally in the last 2 years. This highly contagious disease has led to a drastic disruption of lifestyles and economies, the world over. It has also made people reassess their financial planning and readiness to meet with uncertainties. A term insurance policy has never been more relevant than in these present times. This is a convenient and affordable way of ensuring your family’s financial stability even if some mishap should befall you.
What is Covid-19 Term Insurance?
A typical term insurance plan provides a fixed amount that is paid out to the family (nominee) in the case of the demise of the policyholder. The usual critical health conditions that are included in this cover are cancer, heart attacks, brain haemorrhage etc. However, with the rapid and rampant spread of Covid-19 in the past 2 years, more insurance providers have released term insurance plans that provide a cover for deaths caused specifically due to Covid-19.
Benefits of Covid-19 Term Insurance
- Covid-19 term insurance works pretty much the same way as a regular term insurance plan. The difference being that it includes Covid-19 related coverage as well. Term plan premiums are usually lower as compared to other kinds of life insurance and endowment plans. Moreover, they offer higher coverage for a longer duration. These features make them the financial product of choice while planning for your family’s financial future.
- When you buy term insurance, you should also consider the different critical illness-related riders provided by your insurer. Covid-19 has shown us that we need to be prepared for medical emergencies that can heavily affect our savings. By choosing the appropriate riders, the insurance company can help pay for a large part of the related expenses and keep your savings safe for their originally intended use.
- Apart from the above-mentioned benefits, Covid-19 term insurance will also give you tax benefits. Under Section 80C of the Income Tax Act, you can claim insurance premium up to Rs. 1.5 L as a tax-deductible amount each year.
How To Buy Covid-19 Term Insurance
Today, you can apply for insurance online without any hassle. You can also explore and compare the different available insurance providers and the term plans they offer. Be sure to read the terms and conditions carefully to be informed about the nature of Covid-19 and its impact so you can fully understand its cover being purchased and the benefits it provides. It is also advisable to go through the list of riders or add-on covers to get additional coverage, including benefits such as cashless medical expenses for Covid-19 related treatment, etc. Before you buy term insurance, you can also make use of convenient online insurance premium calculators to gauge the amount of cover you can get and the associated premiums. Once you have decided, you can follow these simple steps to buy your chosen insurance policy.
- Login to portal of the insurer you choose
- Select your desired policy
- Add the riders you would like to include
- Enter personal details
- Upload the relevant documents
- Verify the details and final amount, before making the online payment
- Submit your application
Conclusion
We’re living in the time of a pandemic, and each of us needs to double our vigilance to stay safe and secure. This also implies making extra efforts to ensure the future aspirations of our families remain undisturbed. A simple yet very effective way of achieving this is by buying a term insurance plan with Covid-19 cover. You can also choose to further complement it with relevant critical illness riders.
Author Bio: Vinod Gill is a writer who specializes in writing content on Insurance and Finance subjects. He is a Digital Marketing Consultant, Blogger, and Co-Founder of Ecompany.
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