A sense of fear and unbearable hardship prevails across the world due to the COVID-19 outbreak. The virus has engulfed the globe and has spread to all corners of the world. The number of coronavirus cases are increasing with each passing day. Therefore, in order to flatten the curve and control the spread of the virus, several countries across the world, including India have pro-actively implemented lockdown measures.
This pandemic has not just affected individuals and families but has also crippled the businesses and economy. All the hopes for global business growth seem to have dashed as most corporates struggle to even meet their previous turnovers. But, despite so many challenges, insurance industry is doing its best to support its policyholders through seamless service.
Amidst coronavirus outbreak, buying an insurance cover seems to be an advantageous step because the risk of spreading infection is high and there’s no cure for it discovered till now. Moreover, in the wake of coronavirus cases in India, various insurers have come up with COVID-19 insurance schemes and other insurance benefits.
Coronavirus is one of the biggest challenges this industry has seen so far. Here’s a detailed explanation about the impact of coronavirus on the insurance industry -
The World Health Organization (WHO) has declared coronavirus as a global pandemic. Since the number of coronavirus positive cases have started to rise, the demand of health insurance has also seen a huge increase in India in the last 20-25 days. This rise is independent of the fact that insurance industry always sees a good growth in the month of March due to the end of the financial year.
The disease has spread all across India and its treatment may require a prolonged hospitalization. Therefore, in such a situation, buying a health plan can prove to be very important as it will cover you against all the expenses that you may suffer in order to get the best treatment. Coronavirus symptoms are more like cold and flu, although, it may also affect your respiratory system and result in death if the conditions get worse. No matter what type of health insurance policy you have, be it comprehensive health insurance or coronavirus specific insurance, it will cover you against the associated hospitalization expenses. Thus, if you have a basic health insurance plan already, then there’s no need to buy one as it will cover you against the hospitalization as well as the treatment costs.
Similarly, life insurance has also seen 20 percent growth during nationwide lockdown. The current pandemic has again made us realize the importance of insurance in unprecedented times. Thus, opting for a life insurance during this period would be a wise decision. If an individual who is having a life insurance dies due to coronavirus, then death benefit is payable by the insurance company to the nominee or beneficiary upon the death of the policyholder. However, if you are planning to buy a life insurance policy, then you need to know that insurance companies determine your premium on the basis of your current medical condition and medical history. The insurance company may reject your policy if they find out that you were already infected with coronavirus while applying for the policy.
There is no better gift for your family-members than to secure their financial future, during this pandemic. You can select a Unit Linked Insurance Plan (ULIP) for them. ULIPs are investment plans, providing the twin benefits of both life insurance and market-linked returns. Out of the premium paid, a part is invested in different types of funds, while the other portion provides life cover. You can select the Invest 4G plan from Canara HSBC Oriental Bank of Commerce Life Insurance – a savings and protection-oriented Unit Linked Insurance Plan. Features and benefits of Unit Linked Insurance Plans are equipped with a large number of benefits like:
Remember, tough times do not last long, but tough people do. Therefore, proper planning and decisions will help you sail through these trying times and invest in your family’s future. Over and above, this is an extremely difficult situation for businesses across all sectors. However, it is more likely that insurance sector would play a pivotal role in supporting the customers through the crisis.