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Many nations are fighting against this deadly disease that is challenging all the health and wellness facilities available. Yes, we are talking about the pandemic Coronavirus or COVID-19. This disease is declared a pandemic by the World Health Organisation. It has costed lives of over 7000 people as of now. While all the major countries have imposed lockdown to take measures to control this disease from spreading in the communities, it seems to be a task to fish this pandemic having no drugs to cure it.
India has seen a sharp rise in numbers of Corona patients from February end. A lockdown all over the country was announced. People are asked to practice self-isolation and work-from-home as much as possible to avoid public contact. However, the death toll in India due to COVID-19 is still in two-digit numbers, but the number of suspects and patients is rapidly increasing. Due to which, a lot of people want to know whether there is a life insurance policy to cover them against it.
For existing policyholders
In such times of pandemic, which is hovering on heads of everyone, the importance of life insurance comes more into the highlight. It is bought with a purpose to cover your family against the financial crisis due to an unforeseen event. In case of death, policyholder’s nominee or dependents get the sum assured amount.
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Even if the policyholder loses life due to any deadly disease such as COVID-19, then the insurer must provide cover to his/her family. Your family can claim for the amount to the insurer in case you suffer death due to Coronavirus if you have already bought term insurance.
For purchasing a new life insurance policy
In case you haven’t bought any life insurance policy till date but now having surrounded by this uncertainty of life amidst a pandemic, you might feel like protecting your family with one. The cover will help your family to be financially stable even in your absence. However, insurers may refrain from approving your application if you have already contracted the disease. In such a situation, your application can get rejected.
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However, in case you haven’t contracted the disease until you apply for the insurance policy, you stand some chance to get it approved. Read all the offer documents carefully before signing as there are chances that the insurer may charge you with expensive premiums pertaining to the current situation. Study all the exclusions along with terms and conditions thoroughly before purchasing the policy.
Coronavirus outbreak has made many people in India think about the importance of buying a good life insurance policy in time and being prepared for the worst before it’s too late. The earlier you buy, the lesser are the premiums paid and you enjoy a longer cover.