Covid-19 Term insurance – Coronavirus Term Insurance Policy

Covid-19 has affected all aspects of life globally in the last 2 years. This highly contagious disease has led to a drastic disruption of lifestyles and economies,  the world over. It has also made people reassess their financial planning and readiness to meet with uncertainties. A term insurance policy has never been more relevant than in these present times. This is a convenient and affordable way of ensuring your family’s financial stability even if some mishap should befall you.

What is Covid-19 Term Insurance?

A typical term insurance plan provides a fixed amount that is paid out to the family (nominee) in the case of the demise of the policyholder. The usual critical health conditions that are included in this cover are cancer, heart attacks, brain haemorrhage etc. However, with the rapid and rampant spread of Covid-19 in the past 2 years, more insurance providers have released term insurance plans that provide a cover for deaths caused specifically due to Covid-19.

Benefits of Covid-19 Term Insurance

• Covid-19 term insurance works pretty much the same way as a regular term insurance plan. The difference being that it includes Covid-19 related coverage as well. Term plan premiums are usually lower as compared to other kinds of life insurance and endowment plans. Moreover, they offer higher coverage for a longer duration. These features make them the financial product of choice while planning for your family’s financial future.

• When you buy term insurance, you should also consider the different critical illness-related riders provided by your insurer. Covid-19 has shown us that we need to be prepared for medical emergencies that can heavily affect our savings. By choosing the appropriate riders, the insurance company can help pay for a large part of the related expenses and keep your savings safe for their originally intended use.

• Apart from the above-mentioned benefits, Covid-19 term insurance will also give you tax benefits. Under Section 80C of the Income Tax Act, you can claim insurance premium up to Rs. 1.5 L as a tax-deductible amount each year.

How To Buy Covid-19 Term Insurance