Authored by Santosh Agarwal
Epidemics like coronavirus show that all of it can be relatively quickly put at risk and it is important to stay protected in every manner. While you may take all required precautionary measures to stay protected and healthy, what is more, important here is to understand how you can secure your life against such serious epidemics. People from all backgrounds and age groups have now become sensitive about their life and health. With this growing awareness, India has seen a spike in investment in the insurance industry.
Secure Your Life with Term Life Insurance Plan
God forbid, in case you get infected due to any such deadly virus, while your health insurance cover will only provide you coverage for the hospitalization expenses, ever wondered what would be the scenario if you would lose your life due to the severity of the epidemic. It is important to secure your life by not only buying an adequate health insurance policy but even term insurance that protects your loved ones in case of your untimely death due to any such virus.
Fortunately, term insurance products are gaining traction over the last few months as households are being proactive about financial planning due to heightened anxieties around unemployment and the untimely death of the family breadwinner in the time of the COVID-19 crisis. No doubt, epidemics like coronavirus are a good reminder to check if we have secured our lives with a term plan with an adequate sum assured. Term insurance is one of the most basic life insurance plans available in the market these days.
Moreover, the number of patients infected with coronavirus infection is increasing every day and you never know when you too may become a victim. A term insurance cover is basically a no-frill plan that offers the highest life coverage at most affordable prices. Essentially, term insurance is there to give your dependants financial protection if you die within the policy term, usually as a lump sum or staggered payout depending upon your specific needs and requirements.
Bundle Your Term Cover with Corona Kavach
India’s most sought-after insurance market place, PolicyBazaar.com has tied-up with few prominent insurers to sell short-term Corona Kavach policy to cover COVID-19 related health expenses. The company has for now tied up with Max Life, HDFC, Tata AIA and PNB MetLife as part of social commitment to indemnify the unprecedented expenses of the common man.
With the objective of providing insurance cover for individuals for COVID-19 pandemic related health expenses, PolicyBazaar in association with the tied-up insurance companies has launched the Corona Kavach Policies at a very competitive premium structure, starting with as low as Rs 1,956 for a 5 lakh sum insured policy with a tenure of 3.5 months.
\Among the key features of the policy are - purchase on individual and family floater basis, minimum sum insured of Rs 50,000 to a maximum of Rs 5 lakh, no capping on room rent, and home care treatment up to 15 days. The policy which will be available for a maximum period of 9 and half months (or 285 days), will also cover Ayush treatment up to 100 percent of the sum assured and coverage of co-morbid conditions.
Within a few days of introduction, over 20 percent of the people buying term insurance from PolicyBazaar are even investing in Corona Kavach plan for a single payment mode. During these tough times of COVID-19 crises, a combination of Term plan and Corona Kavach promise complete peace of mind as both your health and life are protected against extreme circumstances.
While Corona Kavach will take care of the entire cost of treatment in case you are infected with the novel coronavirus, your term plan will financially take care of your dependents in your sudden demise due to the epidemic or any other reason. For a 35-year-old individual, a combination of term plan and Corona Kavach policy can be bought for a premium as low as Rs. 1684 per month.
Santosh Agarwal is CBO-Life Insurance, Policybazaar.com. Views are personal