The COVID-19 pandemic has, amongst other things, emphasised the need to have a good life insurance policy. A large number of families have lost their primary earning members, leading them to financial difficulties. Such difficulties can be avoided by opting for a good COVID-19 term plan. Essentially, what this plan does is that it offers your family pre-decided monetary compensation in case you get infected with the COVID-19 virus and pass away. Let’s learn more about the COVID-19 term plan and how you can buy one during the pandemic.
How does a term insurance plan help you deal with the COVID-19 pandemic?
Financial security for your family in your absence
Even without the pandemic, the worry of securing the future of your loved ones is often constant. With a term insurance plan, you can begin your journey of ensuring finances for their future and committing to it in a systematic way. Utilizing a term insurance plan calculator can be the first step in this journey.
Peace of mind during the pandemic
With a large number of cases rising each day, there is no saying when you may be diagnosed with the virus as well. Even if you have been following all the safety norms as prescribed, there is still a chance that you may be afflicted with the virus. In an environment where such things may seem out of your control, there is one thing that can relieve you of the financial distress caused to your loved ones in case the unfortunate happens, and that is a term insurance plan. Knowing that your family is covered against financial difficulties can help you breathe a little easier.
Beneficial in saving tax
During such tough times, one may be under a mindset to ensure savings so that they are better prepared for unprecedented events. One of the best term insurance benefits is that you can file for tax deductions against the premium you pay towards the term plan. A maximum of Rs. 1.5 lakhs can be thus saved.
Two ways to buy a term insurance plan during the COVID-19 pandemic
These are the two main ways in which you can purchase a COVID-19 term plan to secure your loved ones’ future.
Buying term insurance online
The pandemic has also emphasised the need and importance of digital procedures. Buying insurance plans online is now easier than ever. You can visit the website of the insurance company, scan for the information required, and then finally proceed. Or, you can also fill in a request form on the website to have the company call you. Documents such as income proof, ID proof, address proof, a recent photograph, and so on, can be uploaded digitally.
Further information and documents may also be needed, depending on the kind of coverage you are looking for. You also get the benefit of a term insurance plan calculator to help you understand how much you may be required to pay to obtain the life cover amount you want.
Buying a term insurance plan offline
If you are not comfortable with the online procedure, then you can opt for the traditional offline approach. Simply reach out to an agent or visit the branch of your preferred insurance company and let the representatives know what kind of coverage you are looking for.
Regardless of the option you choose, remember to check the insurer’s credentials to obtain the maximum term insurance benefits. Make sure they are registered with the IRDAI, have an excellent claim settlement ratio, are reputable, and have adequate experience in the insurance field.
How is the insurance buying procedure different during the COVID-19 pandemic?
Keeping in mind the pandemic, many insurance companies may ask you similar questions before they issue the COVID-19 term plan to you. Here are a few examples:
- Have you or your primary family members been diagnosed with the COVID-19 virus recently?
- Have you or your primary family members shown any COVID-19 related symptoms recently?
- Have you travelled to an area with a massive number of virus cases?
- What kind of treatment have you received if diagnosed with the virus?
Additionally, you may be asked to undergo a COVID-19 test.
While the rising COVID-19 cases or your susceptibility to them may not be in your control, you can diminish the financial consequences of such uncertainties by opting for a COVID-19 term plan.