Covid-19 has proved to be a “Penny Dropping Moment” for customers of the Indian insurance industry as they are now more appreciative about the value of life insurance. Prior to this pandemic, even educated elites had been procrastinating the purchase of life insurance. And even when they purchased, the insurance cover had always been grossly inadequate. This mindset is probably changing now and customers are now looking for protection products. Life insurance should be purchased by each and every person.
But many young people consider themselves reasonably healthy and strong and do not think they require the support of an insurance plan at the prime of their life. The irony of life is that some diseases like Covid-19 do not spare even the fittest and the healthiest among us.
The health ministry has reported that 48.8% of deaths due to Covid-19 are of those below 60 years of age. That shows how vulnerable even the young population is to Covid-19. Nobody knows when life will spring a nasty surprise on us. People are slowly coming to terms with this reality of life. That is good for them and for their near and dear ones.
Innovative insurance products:
The best option is to take both term and savings-oriented products together. In savings oriented endowment policies, you can get money at periodic intervals or whenever you need the money, in the form of policy loans. You can repay the loan as and when your economic condition improves. In the absence of such safe arrangements to avail loan, the poor may be forced to borrow money from local money-lenders at high interest rates.
Hence to cope with such critical condition, the need of opting for a Life Insurance policy has become crucial and very important for a secured and safe life. For more details contact your advisor today.
But many young people consider themselves reasonably healthy and strong and do not think they require the support of an insurance plan at the prime of their life. The irony of life is that some diseases like Covid-19 do not spare even the fittest and the healthiest among us.
The health ministry has reported that 48.8% of deaths due to Covid-19 are of those below 60 years of age. That shows how vulnerable even the young population is to Covid-19. Nobody knows when life will spring a nasty surprise on us. People are slowly coming to terms with this reality of life. That is good for them and for their near and dear ones.
Innovative insurance products:
The best option is to take both term and savings-oriented products together. In savings oriented endowment policies, you can get money at periodic intervals or whenever you need the money, in the form of policy loans. You can repay the loan as and when your economic condition improves. In the absence of such safe arrangements to avail loan, the poor may be forced to borrow money from local money-lenders at high interest rates.
Hence to cope with such critical condition, the need of opting for a Life Insurance policy has become crucial and very important for a secured and safe life. For more details contact your advisor today.
In the last few months, the COVID-19 pandemic has drastically changed lives across the globe. Most countries have implemented various forms of lockdowns and restrictions to curb the spread of the coronavirus, leaving citizens homebound. This has brought about a complete transformation in the way we live, work, shop, and interact, making it quite difficult to predict how the world will look like in the near future. India is currently in its fourth phase of lockdown but despite the vigilance, the country’s coronavirus curve remains steep. While many states have relaxed lockdown restrictions to revive economic activities, several others are contemplating extending the lockdown till the end of this month. This gives us a clear picture of the severity of the crisis and puts the limelight on one of the most pivotal things that we should be worried about right now- our health.
Why is health insurance important?
With national and global health agencies continually stressing on the need to keep the immune system strong during the COVID-19 outbreak, the world has slowly started prioritizing health. Most people are now maintaining heightened hygiene, exercising more, increasing their water intake, and eating clean so that they can get through these unprecedented times, strong and healthy. While a clean diet and regular workouts are indeed important to stay healthy during the current crisis, one extra health measure that many people have taken is buying health insurance.
The pandemic has been an eye-opener for most people, reinstating why a health insurance cover is indispensable at all times. While many people are already covered under some form of health insurance or another, it is vital for them to go through the offerings of their policy to understand how beneficial it will be if unfortunately, they have to seek treatment for coronavirus. Most basic health protection plans are likely to cover the expenses incurred on treatment but it is important to verify if the plan is strong enough to meet other costs like testing, hospitalization, quarantine, etc.
Currently, coronavirus vaccine research and development is going on across the globe in full force. But despite a countless number of scientists involved in this process, the timeline for vaccine availability seems far and stretched. Thus, amid a crisis like this, an all-round health insurance cover is the need of the hour for people across every age group. In India, the cost of healthcare is steep, and the longer the recovery period, the more is the cost of treatment. Coronavirus treatment is a prolonged process where a patient might have to be put in an ICU and/or on ventilation in case of severity, and if it is a private hospital where one is seeking treatment, the cost can blow a hole in one’s savings. This is why financial preparedness is the most important step that one can take to stay protected from coronavirus and the best way is to take a health insurance plan with an appropriate sum insured. Many insurers across the country have comprehensive health insurance covers that people can opt for at a time like this. Most of the products offered by these insurers cover hospitalization and inpatient treatment for COVID-19.
Some other important features that a Health Insurance policy offers are:
a. Hospitalization expenses
b. Pre-hospitalization coverage for: Medical expenses incurred before hospitalization.
C. Post-hospitalization coverage for: Medical expenses incurred after hospitalization.
D. Domestic Road Ambulance: Expenses for domestic-road ambulance services to the nearest hospital in case of life-threatening emergencies.
Wellness Solutions: Discounts on various, value-added wellness services and choice of various online solutions through our wellness program.
Considering the spread of the COVID-19 pandemic might take time to contain, it is also important to strictly adhere to the Do’s and Don'ts to avoid the virus. Many institutions and communities are now beginning to reopen and people should take adequate measures to avoid being exposed to the virus. Apart from maintaining the best hygiene habits and maintaining social distancing as much as possible, it is important to keep one’s immunity at peak and take care of the vulnerable around us.
Why is health insurance important?
With national and global health agencies continually stressing on the need to keep the immune system strong during the COVID-19 outbreak, the world has slowly started prioritizing health. Most people are now maintaining heightened hygiene, exercising more, increasing their water intake, and eating clean so that they can get through these unprecedented times, strong and healthy. While a clean diet and regular workouts are indeed important to stay healthy during the current crisis, one extra health measure that many people have taken is buying health insurance.
The pandemic has been an eye-opener for most people, reinstating why a health insurance cover is indispensable at all times. While many people are already covered under some form of health insurance or another, it is vital for them to go through the offerings of their policy to understand how beneficial it will be if unfortunately, they have to seek treatment for coronavirus. Most basic health protection plans are likely to cover the expenses incurred on treatment but it is important to verify if the plan is strong enough to meet other costs like testing, hospitalization, quarantine, etc.
Currently, coronavirus vaccine research and development is going on across the globe in full force. But despite a countless number of scientists involved in this process, the timeline for vaccine availability seems far and stretched. Thus, amid a crisis like this, an all-round health insurance cover is the need of the hour for people across every age group. In India, the cost of healthcare is steep, and the longer the recovery period, the more is the cost of treatment. Coronavirus treatment is a prolonged process where a patient might have to be put in an ICU and/or on ventilation in case of severity, and if it is a private hospital where one is seeking treatment, the cost can blow a hole in one’s savings. This is why financial preparedness is the most important step that one can take to stay protected from coronavirus and the best way is to take a health insurance plan with an appropriate sum insured. Many insurers across the country have comprehensive health insurance covers that people can opt for at a time like this. Most of the products offered by these insurers cover hospitalization and inpatient treatment for COVID-19.
Some other important features that a Health Insurance policy offers are:
a. Hospitalization expenses
b. Pre-hospitalization coverage for: Medical expenses incurred before hospitalization.
C. Post-hospitalization coverage for: Medical expenses incurred after hospitalization.
D. Domestic Road Ambulance: Expenses for domestic-road ambulance services to the nearest hospital in case of life-threatening emergencies.
Wellness Solutions: Discounts on various, value-added wellness services and choice of various online solutions through our wellness program.
Considering the spread of the COVID-19 pandemic might take time to contain, it is also important to strictly adhere to the Do’s and Don'ts to avoid the virus. Many institutions and communities are now beginning to reopen and people should take adequate measures to avoid being exposed to the virus. Apart from maintaining the best hygiene habits and maintaining social distancing as much as possible, it is important to keep one’s immunity at peak and take care of the vulnerable around us.
Working professionals think that buying a term insurance plan ensures the financial security of their dependent families. But this is only partially true. Planning for emergencies is a good habit and teaches us to factor in situations that may happen anytime, anywhere. But when it comes to regular expenses, it’s equally important to have the right kind of backup plan.
As you plan to secure your family’s financial future, spare a thought and consider the regular things that may be affected due to the breadwinner’s untimely death. If you have a loan to pay, it can be settled with the lump sum amount received from the insurer. But what about the recurring expenses like electricity bills, telephone, mobile and internet bills?
What can you do to tide over this is to get is a term insurance plan with monthly payouts. The staggered payouts can help you fix basic things so that your family doesn’t have to bother about them on a regular basis.
Staggered payouts: Whom does it suit?
Instead of a huge lump sum payment, the claim amount is disbursed over 10-15 years in the form of regular monthly payouts. The family of the policyholder gets a monthly payment, which can be pre-decided while buying the plan. Some term insurance plans even increase the payment by 10 percent every year to account for inflation. Such plans are best suitable for families with low financial literacy.
Why a term plan with monthly payout option?
Return-savvy investors may argue about the need for term insurance plans with monthly payout options since no payment is made in case the individual survives the policy term.
But it’s vital to understand that a term plan cannot be compared with investment options because it’s a pure risk cover that gives peace of mind at a nominal cost.
There are plans available online that can give a regular income of Rs 50,000 to the individual’s family at cheap premiums. For a 30-year-old male, the premium comes to around Rs 400 a month. For such a small monthly premium, the individual can ensure that in case of death, his family can still get Rs 50,000 every month to cope with the monthly expenses. It can be purchased online directly from the insurer’s website in as little as 10 minutes. One added bonus is that these plans also give tax benefit under section 80C of the Income-tax Act, 1961.
The regular monthly income ensures that one can take care of even the smallest of needs their families have, like grocery, ration and utility bills; even the fortnightly, monthly family outings, without having to bother about the loans and other liabilities.
There are several investment products that give regular returns, but term insurance plans are ideal for families that are dependent on a single income.
Make a checklist
The simplest thing you can do to make sure your family doesn’t go through a monetary set back, when you are gone is to make a quick checklist for regular expenses. Here are some such expenses:
Monthly rentals or home loan EMIs,
Car loan instalments,
Utility bills,
School/college fees,
Monthly supply of eatables,
Discretionary expenses like family outings.
Monthly premiums below Rs 500 for a regular income of Rs 50,000 can ensure your family is able to live the lifestyle you have designed for them, in case of an unfortunate demise.
Life is good till the time your savings account is swells up every last day of the month. Spare a thought and think of the ordinary days when you are not around anymore to take care of your family.
As you plan to secure your family’s financial future, spare a thought and consider the regular things that may be affected due to the breadwinner’s untimely death. If you have a loan to pay, it can be settled with the lump sum amount received from the insurer. But what about the recurring expenses like electricity bills, telephone, mobile and internet bills?
What can you do to tide over this is to get is a term insurance plan with monthly payouts. The staggered payouts can help you fix basic things so that your family doesn’t have to bother about them on a regular basis.
Staggered payouts: Whom does it suit?
Instead of a huge lump sum payment, the claim amount is disbursed over 10-15 years in the form of regular monthly payouts. The family of the policyholder gets a monthly payment, which can be pre-decided while buying the plan. Some term insurance plans even increase the payment by 10 percent every year to account for inflation. Such plans are best suitable for families with low financial literacy.
Why a term plan with monthly payout option?
Return-savvy investors may argue about the need for term insurance plans with monthly payout options since no payment is made in case the individual survives the policy term.
But it’s vital to understand that a term plan cannot be compared with investment options because it’s a pure risk cover that gives peace of mind at a nominal cost.
There are plans available online that can give a regular income of Rs 50,000 to the individual’s family at cheap premiums. For a 30-year-old male, the premium comes to around Rs 400 a month. For such a small monthly premium, the individual can ensure that in case of death, his family can still get Rs 50,000 every month to cope with the monthly expenses. It can be purchased online directly from the insurer’s website in as little as 10 minutes. One added bonus is that these plans also give tax benefit under section 80C of the Income-tax Act, 1961.
The regular monthly income ensures that one can take care of even the smallest of needs their families have, like grocery, ration and utility bills; even the fortnightly, monthly family outings, without having to bother about the loans and other liabilities.
There are several investment products that give regular returns, but term insurance plans are ideal for families that are dependent on a single income.
Make a checklist
The simplest thing you can do to make sure your family doesn’t go through a monetary set back, when you are gone is to make a quick checklist for regular expenses. Here are some such expenses:
Monthly rentals or home loan EMIs,
Car loan instalments,
Utility bills,
School/college fees,
Monthly supply of eatables,
Discretionary expenses like family outings.
Monthly premiums below Rs 500 for a regular income of Rs 50,000 can ensure your family is able to live the lifestyle you have designed for them, in case of an unfortunate demise.
Life is good till the time your savings account is swells up every last day of the month. Spare a thought and think of the ordinary days when you are not around anymore to take care of your family.
The current outbreak of Coronavirus (Also known as COVID-19) has gathered a lot of awareness and attention. This outbreak has been huge and has impacted the lives of people worldwide. As the whole world is in fear of this new-born virus, the World Health Organization (WHO) has also declared it as a pandemic.
As per the current statistics, COVID-19 has infected almost 2 lakh people and the death toll has raised up to 11,421 worldwide. Based on the information given by the Ministry of Health and Family Welfare, in India, 275 people have been tested positive of COVID-19 and 5 people have died.
It is reported that coronavirus symptoms are the same as sore throat, fever, common cold, which can lead to pneumonia in critical cases. As it is a newfound infection, no cure or vaccination is available as of now. COVID-19 is fatal primarily in the case of people who are above the age of 60 years and those who have a pre-medical condition.
With the rapidly increasing cases of Coronavirus, an obvious question that we need to know the answer is; will a life insurance policy provide coverage in case of the demise of the insured person due to coronavirus? Also, will a person be eligible to buy a life insurance plan after contracting the virus? To answer these questions of our readers, here we have discussed about it in detail.
For the Existing Policyholders of Life Insurance Policy
If a person passes away due to COVID-19 has a life insurance policy, then the beneficiary of the policy will receive the death benefit as a sum assured amount. The beneficiary or nominee needs to know that the death caused by any health-related issues is generally covered under a life insurance policy including the term insurance as well. This means that the beneficiary of the policy can claim for the death benefit in case of the demise of the insured during the tenure of the policy due to any eventuality including COVID-19. According to the experts, the existing policyholders are covered under the policy. However, some life insurance plans have exclusion for a definite cause of death, demise due to coronavirus infection will be covered if an individual has an existing life insurance plan. Thus, in the rare case if a person dies from a pandemic illness then the nominee of the policy will receive the death benefit.
If a Person Gets Policy Now, Will It Cover Coronavirus?
If a person plans to buy a life insurance policy in this day and age, then they should remember that the premium of the policy is determined by the insurer on basis of the health and medical history of the policy buyer. Hence, it is quite reasonable to reckon that a global health crisis like COVID-19 can have some impact on the premiums of the policy or policy acceptance if a person is currently in the stage of processing of the application.
It is very much possible that the life insurance company may hold or even reject the policy if a person’s life insurance policy application is in process and if he/she has already been in contact with the coronavirus infection. As long as the insurance holder shows all the details correctly at the time of policy purchase, wherein he/she is not infected with the coronavirus, the insurer is liable to pay the death benefit to the nominee of the policy. The death benefit will be payable to the beneficiary, even if the insured dies due to coronavirus afterward.
However, while purchasing a policy one must go through the exclusion in detail and know the various aspects where they will not be covered.
With the rapidly increasing cases of Coronavirus, an obvious question that we need to know the answer is; will a life insurance policy provide coverage in case of the demise of the insured person due to coronavirus? Also, will a person be eligible to buy a life insurance plan after contracting the virus? To answer these questions of our readers, here we have discussed about it in detail.
For the Existing Policyholders of Life Insurance Policy
If a person passes away due to COVID-19 has a life insurance policy, then the beneficiary of the policy will receive the death benefit as a sum assured amount. The beneficiary or nominee needs to know that the death caused by any health-related issues is generally covered under a life insurance policy including the term insurance as well. This means that the beneficiary of the policy can claim for the death benefit in case of the demise of the insured during the tenure of the policy due to any eventuality including COVID-19. According to the experts, the existing policyholders are covered under the policy. However, some life insurance plans have exclusion for a definite cause of death, demise due to coronavirus infection will be covered if an individual has an existing life insurance plan. Thus, in the rare case if a person dies from a pandemic illness then the nominee of the policy will receive the death benefit.
If a Person Gets Policy Now, Will It Cover Coronavirus?
If a person plans to buy a life insurance policy in this day and age, then they should remember that the premium of the policy is determined by the insurer on basis of the health and medical history of the policy buyer. Hence, it is quite reasonable to reckon that a global health crisis like COVID-19 can have some impact on the premiums of the policy or policy acceptance if a person is currently in the stage of processing of the application.
It is very much possible that the life insurance company may hold or even reject the policy if a person’s life insurance policy application is in process and if he/she has already been in contact with the coronavirus infection. As long as the insurance holder shows all the details correctly at the time of policy purchase, wherein he/she is not infected with the coronavirus, the insurer is liable to pay the death benefit to the nominee of the policy. The death benefit will be payable to the beneficiary, even if the insured dies due to coronavirus afterward.
However, while purchasing a policy one must go through the exclusion in detail and know the various aspects where they will not be covered.