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How to Prepare yourself During the Second Wave of COVID-19?

dateKnowledge Centre Team dateMay 24, 2021 views317 Views
Life Insurance & Second Wave of COVID-19 | Buy the Best Life Insurance Online

The second wave of COVID-19 in India has been severe. It has been proved to be a humanitarian crisis that is unprecedented in its scale of impact among all demographics of people. During the first COVID-19 wave that swept through the country last year, it was observed that most of the cases were getting treated in their homes with minimal requirement of health supplies. However, the current mutant of coronavirus has forced doctors to prescribe a hospital stay to the patients.

Adding to that is the panic that has swept over the country. The result is that the country's healthcare infrastructure has been crumbling against the sheer number of cases. And panic has led people to buy life insurance plans to protect themselves and their families.

How to Prepare for the Second Surge of COVID-19?

The first wave of coronavirus did not come with much prior warning. It affected people from all walks of life financially and economically. Observing the severity of the second wave, people must begin preparing for it to reduce the aftereffects of the wave. Here are some of the methods you can take care of to ensure that you and your family are financially secure against the second wave of COVID-19.

Be aware of government policies

The first thing you can do to ensure that you have a financial cushion during these tough times is to research and study if the government has started or is offering policies to help people. You will find that various assistance programs are available for people who are undergoing the issue of reduced wages or unemployment.

Read the terms and conditions of these policies to ensure that you can fit the criteria and follow government announcements regarding relief programs.

Get in touch with your bank

During the second wave and pertaining lockdown, many banks and financial institutions offer their customers payment deferrals. These deferrals are offered on loans for people who are facing financial instability because of the lockdown.

Even if there is no deferral available, you can get in touch with your bank to reschedule or restructure your loans and debts so that they can arrange payments that are manageable during the current conditions.

Refer to specialised coronavirus health insurance

You must have come across the term during the previous surge of COVID-19 as well. However, with the increase in the number of people affected and the severity of the virus, it has become essential to get a policy that will cover all the medical expenses that occur during the treatment of COVID-19.

It is a comprehensive health insurance policy that can cover your pre and post hospitalisation expenses along with in-patient and out-patient expenses. These features make it different from usual health insurance policies.

Why do you Need to be Prepared for the Second Wave of COVID-19?

The increase in hospital admissions has also brought forward a surge in general and health insurance claims. It has been recorded that the number of claims has doubled and are still increasing at an exponential rate. The pandemic has directly affected the economic situation of the country. It would be best if you prepared yourself and your family against any financial fallout in the future.

Most people believed that the second wave would be similar to the first one. Thus, all they need to do is take basic health precautions and follow their doctor's advice. However, it has become imperative to be well-prepared during the second wave because of the following reasons.

  • Effect on younger people

    While the first wave did not have a drastic effect on the younger, healthier patients, the second wave has been harsh on people alike. Also, most senior citizens have been vaccinated, while it has not reached the younger generation.

  • Longer stays at hospitals

    In the first wave, the average stay at the hospital for the most severe cases was 8 to 15 days. However, it has increased to 20 to 25 days this time around. Even average patients have to stay for at least a week before they get discharged.

Thus, there has been a steep rise in hospital bills during the second COVID-19 wave as well.

  • Grievances and woes in COVID claims

    With the exponential rise in the number of cases, the healthcare system is facing a hard time settling COVID claims. There has been a delay in the settlement. Some institutions have resorted to cancelling the policy of cashless claims to COVID patients.

Learn how much time does a life insurance policy take to settle the death claim.

What does Coronavirus Health Insurance Plan Cover?

There are various features of coronavirus health insurance policies. The extent of the cover that the policy provides depends upon the plan that you choose. Here is the list of important covers of the coronavirus health insurance policy.

  • Expenses related to in-patient hospitalisation
  • Pre-hospitalisation expenses
  • Accidental hospitalisation
  • Hospitalisation due to critical illnesses

Along with these, you will also find the following standard and add-on covers with the COVID-19 health insurance policy.

  • Expenses of the ICU
  • Home hospitalisation
  • Post-hospitalisation expenses
  • Expenses related to the organ donor
  • Ambulance expenses
  • Recovery benefit
  • Maternity benefit with baby cover.

The second surge of COVID-19 has sent the nation into panic. However, with proper planning and precautions, this adversity can be faced without handling financial losses. To ensure that you and your family are completely prepared and secured from the effects of the virus, not just health and hygiene precautions but financial precautions are necessary as well. A health insurance policy protects you from health and associated financial risks.

Life Insurance & Second Wave of COVID-19 | Buy the Best Life Insurance Online

You can talk to a finance expert to find the best insurance policy and cover for you and your family members. You can choose the plan covering the most important and unavoidable expenses and provide you with recovery benefits.

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Frequently Asked Questions (FAQs) for Life Insurance

The premium is one of the most important factors to consider before buying a policy. Many people buy a life insurance policy with a high sum assured but are unable to process the premiums for the entire premium payment tenure. You can get a better idea of the premium outgo with the premium calculator available in the 'Tools and Calculator' section of www.canarahsbclife.com.

Life insurance plans come with several riders which increase the efficiency of the policy for the buyer. For instance, if you have a history of terminal illness in your family it would be advisable to opt for terminal illness rider with your term insurance. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. The iSelect term insurance plan comes with a built-in cover for terminal illness, and option for protection against accidental death or disability. You can also opt to cover your spouse's life under the same policy by paying an additional premium.

Insurance companies calculate the premiums based on several factors such as age, gender and occupation.

Age:It is one of the biggest factors that influence life insurance premiums. Premiums tend to be low when the life insured is younger as the chances of contracting diseases is low. Young people also opt for policies with longer tenures and pay premiums for a longer duration, which makes the policy cheaper for young people.

Gender:The insurance premium for women is generally lower when it comes to life insurance plans. Women live longer and pose a lesser risk of a claim leading to lower premiums for them.

Lifestyle habits:The premiums for people who smoke or drink is always higher due to higher health risks.

Policy term:Policy terms are also taken into consideration by insurers while deciding the premium amount. Policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the policy also determines how much you will have to pay for the plan. People who buy life insurance policies online have to pay lower premiums as compared to offline policies.

Occupation:The nature of your work is an important factor that influences the premium amount. Certain occupations like shipping and mining are considered more dangerous as compared to jobs in services industries. The insurance premium rises with the risk profile.

Processing life insurance claim is a transparent and smooth process with Canara HSBC Oriental Bank of Commerce Life Insurance.

In case of the death of the life insured, the nominee will have to intimate the company by filling a Death Claim Form and sending it to the nearest branch office.

Once the form is received, the claim is registered by the insurer.

After the registration of the claim, the company will send the claims pack along with the related forms such as physicianâ s statement form and employer certificate that need to be filled.

Along with the duly filled forms a few documents such as original [policy document, death certificate, copy of bank passbook, hospital or treatment records, photo identification and address proof have to be provided.

The claim is processed on the submission of relevant documents. Once the documents are verified, the claim amount is released post all due diligence.

Household expenses rise with age. The cost of children's education increases along with other lifestyle expenses. The iSelect term plan offers an option to increase the cover according to the life stage. If opted, the insurance cover increases by 25% at every 5-year terminal till the 20th policy year.

Even though a life insurance policy is bought to protect your family in your absence. There are chances of the claim being rejected due to several factors.

False information: If the policyholder provides false information or conceals important information while buying the policy, the insurer has the right to reject the claim after his/her death.

Type of death: Deaths due to suicide in first policy year, intoxication or pre-existing disease is not covered under life insurance.

Premium payment: The payment of premiums on time is of utmost important to avail the benefits of life insurance. Life insurance policy may lapse on the failure to pay the premiums

Nominee details: An insurance company can put the claim on hold if the nominee details have not been filled or not been updated by the policyholder.

Suicide: If the life insured commits suicide within 12 months of buying the policy, the insurance companies generally pay 80% of the total premiums paid.

Buying life insurance online is not only safe but a better option. Online life insurance policies have lower premiums and the individual is not required to visit the insurer's branch or a bank. Online insurance policies also offer higher benefits. Customers should, however, buy online policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

The cost of life insurance policies varies depending on factors like age, gender and occupation. The average cost of life insurance plans, especially term plans, is very low compared to the amount of coverage offered.

An individual is allowed to have multiple life insurance policies. People opt for more than one policy to increase the cover or avoid claim rejection. In case of multiple policies, even if the claim is rejected by one insurer, the beneficiaries may receive the benefit from a different insurer.

Life insurance policies are of different types. In the case of unit-linked or endowment policies the policyholder receives the maturity benefit at the end of the policy term. However, in the case of term insurance plans, there are no maturity benefits. The death benefit is only paid out after the death of the life insured.

When you buy life insurance, the insurance company asks for the nominee details. Only the person named as the nominee in the policy can cash out a life insurance policy in case of death of life insured.

A life insurance policy is generally taken for a specified period. After the policy duration of a term plan gets over, the policy simply terminates and ceases to exist. However, in the case of unit-linked plans or endowment, you can use the policy as a tool for retirement planning and the accumulated corpus is used by the insurer to pay you monthly amounts for your entire life.

If a policyholder purchases a term plan for 25 years and dies during the policy term. The family receives the death benefit. In the case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment options are chosen the policy works as a source of regular income.

It is a popular misconception that life insurance is only for accidental deaths. A term life insurance plan like iSelect also covers terminal disease along with death. A terminal illness cover is important as health insurance pays only for the cost of treatment and hospitalization, but a terminal illness cover pays you a lump-sum amount which takes care of other expenses. On the other hand, unit-linked policies such as Invest 4G cover death and also provide decent returns for other financial goals such as buying a house of child's education.

It is ideal to buy life insurance in your early 20s because it’s is the time when people have just started with their professional life and so there are lesser responsibilities and financial liabilities to take care of. Also, if you buy life insurance at this age, you will be paying relatively lower insurance premiums since it’s a due fact that mortality rate in case of young people is low. And that is why insurance companies offer lesser premium rates to younger people as they think that they are most likely to be fit and healthier with less chances of filing a claim in future.

Once you have cancelled your life insurance policy, you will instantly lose your life insurance cover. Afterwards, your insurance company will get in touch with you and ask for valid reasons regarding the cancellation of your policy. In case you cancel your life insurance policy within the grace period, i.e. 15 to 30 days, depending on your insurer, then insurance company will reimburse the premium amount paid by you. But, no refunds will be paid to you if the policy is cancelled after the grace period.

Yes, you can take life insurance under Married Women’s Property (MWP) Act, 1984 only if you are a married man and a resident of India. Buying a life insurance plan under MWP Act would be helpful in saving your family’s financial well-being when you are not around. As per this policy, only wife and children would be eligible to receive the death benefits. You can also buy a policy if you are a widower or a divorcee. However, in that case, you can give your child’s name as your beneficiary. It is very simple to buy a life plan under MWP Act. All you need to do is to fill up an MWP addendum while purchasing an insurance policy.

Yes, there are different payment options for you to pay premiums. Here’re some of them

    1. Regular premium payment option – This premium payment option allows you to pay premiums equal to your policy term either monthly, quarterly, half yearly or annually.

    2. Single payment option – Through this premium payment option, you can pay the lump-sum amount in one single payment.

    3. Limited payment option -In this premium payment option, you can pay premiums for a specific period of time less than policy term either monthly, quarterly, half yearly or annually, but benefits of insurance can be enjoyed for a longer period of time.

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