The outbreak of coronavirus has affected worldwide nations adversely. Coronavirus, also known as COVID-19 has affected more than 20 million people worldwide and has claimed over 1 million lives so far. In India, a total of 27,892 cases have been confirmed of Coronavirus (as on 27th April 2020) and the death toll has reached up to 872 (as on 27th April 2020). The growing impact of this virus has become a matter of great concern for our nation.
Although every possible step has been taken by the government to stop the spread of COVID-19, it is very important for us to be prepared against any type of unfavorable situation.
Having a life insurance policy is one solution to protect yourself and your family against any type of eventualities. However, the question arises whether the life insurance policy provides coverage to the family of the insured for death due to coronavirus and can an individual purchase a life insurance policy after contracting the virus.
Further in this article, we have elaborately discussed everything you need to know about COVID_19 and life insurance.
The coronavirus disease also referred to as COVID-19 is an infectious disease, which is caused due to a newfound coronavirus.
Primarily, make it a point that you wash your hands at regular intervals for a minimum of 20 seconds with an alcohol-based hand-wash. Next, avoid touching your face, mouth and nose and use hand sanitizer from time to time. The novel coronavirus (COVID-19) infection spreads principally through either by salivation or release from the nose when a person who coughs or sneezes, so it's significant that you likewise practice respiratory hygiene (for instance, by hacking into a flexed elbow).
The ideal way to stop the prevention and transmission of novel coronavirus (COVID-19) is to be well-informed in regards to this infectious disease. It is of prime importance to understand the cause and spread of the coronavirus to battle this disease.
Right now, there are no particular vaccination/ immunizations or medications for COVID-19. In any case, numerous continuous clinical preliminaries are assessing potential medical treatment.
Inform the Insurance Provider About the Claim When it comes to payment, you can always choose the premium payment mode according to your convenience. You can pay monthly, quarterly, half-yearly or annually. Many people prefer to pay the amount of term Insurance monthly as it comes at a very nominal price. Payments can be easily made online. You can do it either through NEFT, Net banking, IMPS, or wallet banking.
The World Health Organization has already declared the current situation a controllable pandemic.
India has also seen a rise in the number of cases, besides the government has already initiated a complete lockdown along with the suspension of all transportation both national and international. As of now, people are staying home and avoiding going moving out of their respective homes unnecessarily.
At this point of time coronavirus term insurance essentially implies that in case of any eventuality caused due to the COVID-19, life insurance policy will take care of you and your family.
The importance of this coronavirus insurance cannot be overlooked as the spread of this infectious disease has got no limitations. A life insurance cover will secure you and your family even under devastating situations. Undoubtedly, the outbreak of this global crisis, the coronavirus is a wake-up call for all those who thought that buying a life insurance policy is not important and have been avoiding since time innumerable. COVID-19 insurance is important and this will be one of your important investment and protection simultaneously. In the present times, coronavirus term insurance policy is important and a major part of your financial planning.
The earlier you buy a life insurance policy, the longer you will be covered and the less premium you will end up paying.
If a person dies due to coronavirus had a life insurance policy, the beneficiary of the policy will receive the sum assured amount as the death benefit. If the person demised had a life insurance policy, then the beneficiary or nominee of the policy needs to know that death occurred due to health-related problems, are generally covered by a life insurance policy. This means that in case the existing policyholder dies due to COVID-19 then the death benefit will be paid to the nominee or beneficiary of the policy. Seeing the ever-increasing need for life insurance policies many life insurance companies like LIC, Max life Insurance & Exide life Insurance have come up with a dedicated process of COVID-19 to deal with these challenging circumstances.
Easy process of Claim Registration for Covid 19
• The beneficiary of the policy can download claim initiation form by visiting the official website of Exide life insurance.
• Once the nominee downloads the form fill in the hospital/ medical reports if the death has occurred in the hospital.
• Submit KYC of the life assured and KYC of the nominee.
• Submit an original death certificate issued by the local authorities or Municipal Corporation. If the death certificate is not available then the nominee will have to
submit the report issued by police authorities declaring the death of the policyholder.
• Bank account details.
• Once the beneficiary fulfils all these requirements, the company will verify the claim filed and initiate the claim.
• Original policy documents.
• Attested/ original copy of the death certificate issued by the local municipal authority.
• Death claim application form.
• Photo identity proof of the beneficiary like Aadhaar Card, PAN, Passport, etc.
• Bank account or cancelled cheque along with the attested NEFT mandate form by the authorities of the bank.
Additional documents required based on the cause of death due to Covid 19/coronavirus
The beneficiary of the policy can submit the claim form, copy of policy schedule, and death certificate at the nearest branch office if it is operational. In case the nearest LIC branch office is not operational due to the current lockdown, then the nominee can e-mail the claim intimation form along with the required documents to the Nodal person as mentioned in the table below.