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We are living in times when the world is going through a global crisis. In such tough times, having a term insurance plan, which covers death because of COVID-19, can simply not be ignored. With the second wave of COVID-19, our country has faced quite an unfortunate time.
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The mortality rate of the country has increased drastically over the last couple of months. Considering the present pace at, which the cases are significantly rising in the nation, it will take some time to get back under control.
The rise in the mortality rate is not only because of the novel coronavirus but also of the massive caseload. This has overwhelmed the healthcare system of India.
Note: Know more about what is term life insurance first before reading this article.
Term Plans
The present situation is worrisome leading to a situation of panic and anxiety. At the same time, it is important to emphasize the need for a financial plan.
A plan that protects the immediate financial dependents in case of any unfortunate event. The very initial step towards comprehensive financial planning is a protection life insurance product that is a term insurance plan. It is to be noted that a covid infection may delay the term insurance eligibility for up to three months.
Anyone who has financial dependents and any other liabilities should consider buying a term plan, especially for any such unprecedented times. You can consider buying a term plan of 30 lakh or even more.
The table below shows the list of insurance companies that offers a life cover of Rs 30 lakh:
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
The above-mentioned term insurance premium has been taken for an individual who is 35 years old, smokes and earns up to Rs 15 lakh annually.
Note: You can easily calculate the term plan premium by using the term insurance premium calculator online tool.
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A term insurance plan will safeguard your family members in case you are not around. Moreover, a term plan remains a popular choice amongst all the life insurance products available in the market.
Under a term plan, you need to pay the premium for a pre-defined term against the large cover sum that is known as the sum assured. In case the policyholder passes away within the policy term, the nominee will receive the complete cover amount. This amount can be used to take care of the everyday expenses and achieve various important life objectives such as the education of the child, marriage, and so forth.
In the last couple of months, people aged between 20 years and 45 years seriously got affected by this virus leading to hospitalization. Therefore, in such uncertain times, if you are the breadwinner of the family ensure that you have a term insurance plan of 30 lakh or more. Make sure that the term plan should have a sufficient cover amount to safeguard the financial future of the family. Go with a term insurance plan that suits the pocket and fulfils your requirements.
With the onset of COVID-19 last year, people are preferably taking the digital route more. Similarly, you can easily buy a term insurance plan online. Moreover, it is ideal to take the digital route as it ensures social distancing practice as well.
You can easily buy a term plan by simply staying indoors and need not visit any of the insurance company. In case you do not know, buying a term insurance plan online will also help to save money and get better deals.
You can also buy the term insurance plan via a telemedical process wherein a doctor will get in touch. The doctor will ask health-related questions many a time and you need not undergo any physical medical tests. You simply need to provide a copy of the KYC and income documents to the insurance company and make the online payment. Once the payment is done and the medical process or telemedical is completed a proposal is put forward. This will be done via the underwriting process at the insurance company end. If everything is in line, the term insurance plan will be issued.
The term insurance premium is cost-effective compared to any other life insurance product. Let us just assume that if you buy term insurance of 30 lakh the monthly premium would be somewhere around Rs 1200 or so. Such a premium amount will not put a burden on the shoulder of the policyholder.
Most importantly, regardless of the term plan you buy, the premium would vary from one insurer to the other. Moreover, the term insurance premium is determined by various factors such as smoking, gender, age, health conditions, and so forth.
Life is uncertain and unpredictable. Nobody knows what would happen in the coming times; however, it is better to be safe than sorry. A term insurance plan will be ideal protection that you could give the family members against any financial risk that might arise not only with this pandemic but at any point in time.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
Note: Check out the term life insurance in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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