The ongoing pandemic has affected crores of people around the world and disrupted lives everywhere. A highly contagious viral disease, COVID-19 has become the biggest health concern for governments all around the world, and rightly so.

People affected by COVID-19 can have markedly different experiences. Some individuals only display mild symptoms of common cold and can be treated with relative ease. Others require immediate hospitalization as they start developing serious respiratory problems which can lead to the failure of multiple organs.

In either case, individuals who test positive for COVID-19 not only need medical care but also adequate emotional support from their loved ones. As for monetary backing, health insurance plans can help cover the costs of treatment while term insurance plans can act as a backup and help the insured’s family cope with the financial implications in case of an unfortunate death due to COVID-19.

What is COVID-19 term insurance?

A COVID-19 term insurance plan is essentially a traditional insurance plan that provides an additional financial cover against death due to COVID-19.

Generally, term plans only provide death benefit due to illness if the insured succumbs to critical ailments such as cancer, stroke and heart disease, amongst others. However, with COVID-19 cases rising by the day, many insurance companies are now covering deaths caused due to COVID-19 too. For instance, ICICI Pru iProtect Smart is a term insurance plan that covers COVID-19 -related deaths*.

Why do you need a COVID-19 term insurance plan?

Of late, the entire world has been reeling under the drastic impacts of the COVID-19 outbreak. As of December 2020, it is estimated that nearly 18 lakh lives have already been lost to COVID-191. At a time like this, the importance of life insurance has once again come to the forefront.

A COVID-19 term insurance plan is the need of the hour as it provides financial coverage against death due to COVID-19. In case of a COVID-19 related death, the insured’s chosen beneficiary can make a claim and is liable to receive the sum assured as a death benefit. The Insurance Regulatory and Development Authority of India (IRDAI) has even directed insurance companies to prioritize and expedite insurance claims pertaining to COVID-19.

Ultimately, a term insurance plan with COVID-19 life cover* is one of the most cost-effective ways of preparing for any unforeseen eventualities and securing your family’s future in the wake of this ongoing pandemic.

How to buy a term insurance policy with COVID-19 life cover*?

IRDAI recently issued circulars directing insurance providers in India to develop term insurance plans that provide financial coverage against death due to COVID-19. As a result, almost all reputed insurance companies are now offering term insurance plans that also provide a COVID-19 life cover*.

To buy a COVID-19 term insurance plan, follow these steps:

Step 1: Visit your preferred insurance provider’s website and find the plan you are interested in.
Step 2: Apart from a COVID-19 insurance cover, check the features and benefits of your chosen plan. If you find the plan satisfactory, use the term insurance premium calculator and calculate your premium amount.
Step 3: Fill in your personal information and other required details.
Step 4: Finally, make your first premium payment and you will have successfully bought an insurance plan that protects your family from a COVID-19 related eventuality.

How to make a claim for COVID-19 term insurance?

The claim settlement process for COVID-19 term insurance plans generally involve three quick and simple steps:

Step 1: Claim reporting

report-claim
The first step towards making a successful claim is reporting it to the insurance provider. This can be done online, via SMS, or by visiting any branch of your particular insurance company.

Step 2: Claim processing

claim-review
Upon receiving the claim, your insurance company will assess and verify it. Your family may be asked to submit additional documents such as your COVID-19 diagnostic test results.

Step 3: Claim settlement

claim-settlement
Once all your relevant documents have been supplied and verified, it shouldn’t take much time for your insurance company to settle the claim. Many insurance companies today, including ICICI Prudential Life Insurance, settle claims in just one day!#

Conclusion

There is no doubt that COVID-19 is a serious pandemic that you need to protect yourself and your family from. While following social distancing and sanitization guidelines is your first line of defence against the disease, a COVID-19 term insurance plan should definitely serve as your final backup.

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Source:
1.https://www.worldometers.info/coronavirus/coronavirus-death-toll/
Disclaimer:
* Our Life insurance policies cover COVID-19 claims under life insurance claims, subject to applicable terms and conditions of policy contract and extant regulatory framework. COVID-19 is not included in Critical Illness benefit covered under ICICI PRU iProtect Smart.
# Day 1 is counted from the day of receiving the last document. All due premiums in the policy must have been paid and the policy must have been active for a continuous period of 3 years. Mandatory document to be submitted at Branch Office before 3pm on a working day- Original policy certificate, copy of death certificate by local authority, Nominee’s current address proof, photo identity proof, Cancelled cheque, Copy of bank passbook, Copy of medico legal cause of death, Medical records (Admission notes, Discharge / Death summary, Test reports, etc.). For accidental death – Copy of FIR, Panchanama, Inquest report, Driving license. Claim documents submitted prior to 3pm will be considered for ULIP policies. Interest will be paid on claim amount for every day of delay beyond 1 working day. Applicable only for non-investigative death claims. Interest shall be at the bank rate that is prevalent at the beginning of the financial year in which death claim has been received. In case of breach in regulatory turnaround time, interest will be paid as per IRDAI regulations.
ICICI Pru iProtect Smart UIN 105N151V06.
COMP/DOC/Nov/2020/311/4716
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