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How to buy a suitable COVID-19 insurance policy

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How to Buy a Suitable Covid-19 Insurance

By : Bajaj Allianz Life


COVID-19 in India


COVID-19 is a disease that is caused by a particular family of coronaviruses - SARS CoV-2. The disease is particularly devastating and can quickly result in respiratory distress, which can finally lead to death. The virus was first detected in 2019 in China and quickly spread to many nations including India.

The entirety of the year 2020 was spent fighting the virus. However, just as the number of cases were slowly coming down, the nation was hit by a second wave of new COVID-19 infections in early 2021. As of May 19, 2021, there were as many as 31 lakh active cases of infections and 2.8 lakh deaths, with the numbers rising steadily [1].


Why Do You Need a COVID Insurance Policy?


Since COVID-19 is a destructive disease that can quickly spread from one individual to the other, containing it, has turned out to be extremely difficult. Therefore, it is extremely crucial for you to protect yourself and your family. Under such circumstances, one of the ways to financially secure oneself is by opting for an insurance plan.

At this point, it is important to note that there is no such thing as a COVID insurance policy. As a matter of fact, if you require coverage for death due to COVID-19, you could opt for a Term life insurance plan. Apart from deaths due to other reasons, COVID-19 deaths are also covered, subject to the policy terms and conditions.

That said, let’s take a look at some of the reasons why you should get a term life insurance plan as a means to financially protect your family in the wake of COVID-19 –


1. It can help support your family financially during an uncertain event


In the event of your untimely demise which could also be due to COVID-19, the death benefit payout from a term life insurance plan allows your family to carry on with their lives without having to make any compromises to their lifestyle provided you have planned well.


2. It gives you some much-needed peace of mind


With a term life insurance plan, you can strengthen your family’s financial situation despite you not being there with them to provide support. This creates a sense of security and can put your mind at peace.


3. It gives you the option to boost coverage


The ability to completely customize a life insurance plan through various add-on riders at nominal extra cost is another important reason why you should opt for one. As a matter of fact, through these riders, policyholders can actually enhance the coverage over and above what their family would get in the event of their demise which could be due to COVID-19 or any other reasons.


4. It provides several tax benefits


Did you know that you can save on tax by simply opting for a term life insurance plan? According to section 80C of the Income Tax Act, 1961 (“Act”), the premiums that you pay towards a term plan can be claimed as deductions from your total income to the tune of Rs. 1.5 lakhs per financial year.

That’s not all. The death benefit that your family is entitled to receive upon your demise due to COVID-19 is also tax-free in their hands as per section 10(10D) of the Act. Again, here’s something that you should note. The tax benefits mentioned above are subject to the provisions specified in the Income Tax Act 1961, as amended from time to time.


Tips to Buy COVID Insurance Policy


As mentioned previously, there is no such thing as a COVID insurance policy, Now that you’re clear here are a few tips, that could help you purchase a suitable term insurance plan –


1. Consider your family’s needs and requirements


Before choosing the sum assured for your insurance policy, always ensure that you carefully consider your family’s needs and requirements. You need to adequately account for your family’s future life goals before you finalize the sum assured. Not taking their future financial requirements into consideration can jeopardize their future. It could even lead to your family falling short of their life goals due to lower death benefit payouts.


2. Take your liabilities into account


As much as you give importance to your family’s needs and requirements, you should give equal attention to your debts and liabilities as well. This is simply because in the event of your demise, all your debts and liabilities could fall on your family’s shoulders. This can again stress their finances and peace. And so, if you have any outstanding loans, it is a good idea to account for them while choosing the sum assured on your insurance plan so that your family can be worry free.


3. Consider inflation


The value of money tends to go down over the years due to inflation. What this essentially means is that the value of Rs. 1 crore a few years down the line may be lower than what it is right now. And so, it is important to account for inflation while choosing the death benefit sum assured.


4. Check the claim settlement ratio


An insurance service provider’s claim settlement ratio is one of the most important metrics that you need to account for. The higher the ratio, the better your family’s chances are at receiving the death benefit payout. So, when choosing your insurance plan’s service provider, always make sure that you take an in depth look at their claim settlement history.


5. Always advisable to choose a longer tenure


You never know when tragedy might strike your life. Therefore, it is always a good idea to stay prepared for any kind of eventuality. And the preferable way to do that is by opting for the longest possible tenure. This way, you can ensure you are covered for a longer duration.




To wrap up, keep in mind that there is no specific COVID insurance plan. Life insurance, in general, covers deaths due to many reasons. And COVID-19 related deaths are also covered, subject to policy terms and conditions. With the tips outlined above, you can buy a life insurance plan that will take care of your family’s financial needs in these uncertain times.

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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.