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How to Protect Children and Elderly During this Second Wave of Pandemic?

dateKnowledge Centre Team dateMay 27, 2021 views112 Views
Buy Life Insurance | COVID-19

Coronavirus was considered fatal before because of the speed of contagion. However, during the second wave of COVID-19, the drastic effect of its contagiousness and impact on the immune system has put people of all ages at risk. During the first wave, doctors and health experts claimed that the virus does not severely impact young and healthy people.

This year, the statistics showcase a completely different case. Older people, especially those who are already battling diseases such as diabetes, heart problems, etc., are at the most risk of being severely affected by COVID-19. Due to this a lot of people started buying life insurance cover for their financial protection.

The mutant that has been spreading throughout the country poses a fatal risk to senior citizens and young people, especially children.

Why are the Elderly at a Higher Risk of Contracting COVID-19?

Owing to their age and the current living conditions, most senior citizens are already suffering from chronic diseases. These diseases have made their immune system weaker, thereby increasing their chances of contracting COVID-19.

Along with that, with age, the ability of the human body to ward off diseases and viruses wears down. It cannot protect the body against parasites and external pathogens, putting the body at risk.

The second wave of the pandemic has brought forward even tougher situations. Along with more people testing positive for COVID-19, there is now a severe shortage of medical aid.

5 Ways to Protect Children and Elderly from the Second Wave of COVID-19

The best way to protect them against the virus is to follow preventive measures all the time. Here are some of the mandatory precautions to ensure the safety of your children and elderly against the virus:

1. Social distancing

Social distancing measures like keeping at least two meters of distance from people and avoiding any physical contact, must be followed religiously. Make sure you wash your hands for at least 20 seconds using soap or an alcohol-based sanitizer.

2. Lockdown protocol

If your parents or grandparents live separately, avoid meeting them. Along with that, limit all outdoor activities. Engage the children in indoor games and hobbies so that they do not go outside to play. To ensure the safety of your whole family, ensure that you do not make any travel plans until the lockdown persists.

3. Get a term or health insurance

If you do not already have health insurance for your family, then you should get one now. Sign up for term insurance or a special planned coronavirus health insurance that covers all your loved ones. Various insurance companies offer health insurance, especially for coronavirus, that covers the hospital bills, testing expenses, etc.



4. Maintain hygiene

Ensure that if you go outside to buy groceries and other essential items, you keep washing your hands with sanitiser. When you get back home, remove your clothes for washing and take a bath before touching or using any household items. Clean and sanitise your house with disinfectant daily.

5. Build Immunity

Now is the time to ensure that your body is in optimum health. Search some elderly and children suitable exercise plans for your family members. Along with regular exercise, make sure that you and your family have a balanced diet rich in proteins. If there are any additional supplements prescribed by the doctor, especially for children and senior citizens, then make sure that they have them at the prescribed time.

Also, when the vaccine is made available for children and the young generation, make sure that they get both the doses at scheduled intervals to safeguard your family against the health implications of the third wave.

Do you have the Right Insurance Policy?

If you already have a life insurance policy, then you should review the terms and conditions of the plan to ensure that it can cover you and your family against COVID-19. You can contact your insurance provider to know whether your current health insurance can be modified to better fit the current health situation.

Here are 4 features you should check to ensure that your current health insurance policy is right and all-encompassing:

1. Number of people covered under the plan

The insurance plan should also allow the number of people or family members covered under the health insurance plan. There are a lot of term insurance plans that cover terminal illnesses and also allow you to add your spouse in the same plan. For example, iSelect Star Term Plan by Canara HSBC Oriental Bank of Commerce Life Insurance allows you to add your spouse to the same policy at discounted rate.

Learn more about iSelect Star Term Plan.

2. All features included in the insurance plan

Various essential features should be included in the health insurance plan to ensure that if anyone in your family contracts the virus, all the expenses related to the disease are covered under the plan. Many insurers are offering death payout if the policyholder passes away due to COVID-19.

3. Duration required to make accidental hospitalisation claims

Most insurance providers and financial institutions dictate a definite duration that needs to be covered before the policyholder can make accidental hospitalisation claims. It should be no more than 30 days from the date when the policy was sanctioned.

4. Cashless claims

The insurance provider should provide the option for cashless claims. Through this, the policyholder can claim the insurance policy from the network of the hospital itself.

Importance of Health Insurance for Senior Citizens and Children during the Second Wave of COVID-19

A specialised health care insurance can ensure that your children and elders are shielded from the impact of the second wave of coronavirus. You should also ensure that the policy covers positive cases for better coverage for your complete family.

The insurance policy may also cover the expenses for testing. However, take all possible measures to ensure that your family members do not require health insurance coverage. Educate your children so that they keep cleanliness around themselves and limit contact with other people.

Learn the role of insurance in restructuring your life post-COVID.

Furthermore, make sure that the senior citizens in your family are treated appropriately for any other pre-existing diseases. A coronavirus health insurance will also be beneficial if the third wave of COVID-19 sweeps through the country.

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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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