The world is in the grip of fear and uncertainty because of Covid-19 outbreak. The virus has impacted the whole world, to its remotest corners. The number of those contracting the disease is rising every day.
To contain the pandemic, most countries like India have implemented lockdown measures. Thus, the outbreak of Coronavirus has not only impacted families and individuals but crushed the economy and business. All prospects of fortunes for businesses have been dashed with them struggling to retain former levels of turnover. But, in spite of such challenges, the insurance industry is serving its customers or policyholders via seamless service.
Life Insurance During the Outbreak
In the middle of the pandemic, purchasing an insurance cover seems to be a beneficial step since the risk of spreading of infection is high, and there is no discoverable cure till now. Also, with the looming crisis in India, many insurance companies have come up with Covid-19 insurance schemes and some other insurance benefits.
Life insurance has witnessed a 20% growth rate during the national lockdown. The pandemic has made all people aware of the benefits of life insurance in these troubled times. Hence, opting for life insurance during this period is surely a good decision.
When a policyholder of life insurance dies due to the virus infection, the death benefits are payable to the nominee of the policyholder. But when you are purchasing a life insurance policy, you must know that insurance companies will determine your premium on the basis of your medical history and current health condition. For instance, if you already tested positive for the virus, your policy application will be rejected by the insurance company.
It is a policy which ensures the financial stability of your family in your absence. The individual who has opted for this insurance policy will have to pay a specific amount (premium) at fixed intervals. If at any time during the policy term, the policyholder dies, an assured sum will be paid out to his/her nominee. As such, term insurance is the most effective form of insurance, which offers financial protection to the individual and his family in the event of sudden death.
Need for Term Insurance
iSelect Star Term Plan
This is a comprehensive term plan offered by Canara HSBC OBC Life Insurance, which comes with an in-built Terminal Illness cover.
The iSelect Star Term plan is an online term insurance plan which offers one with improved protection. It covers everything ranging from death and disability to regular income for the family. The following are the reasons to go in for the iSelect Star Term Plan:
Term insurance works in 2 ways: in one way, it offers tax benefits under Sections 80 D and 80 C. In the other way, it offers financial security for the family even after your death.
As per 80C, term insurance plan permits you to claim around Rs. 1.5 lakh every financial year for a premium paid for yourself, children, parents or spouse. The iSelect Star term plan helps you avail of such benefits every year by paying a minimum premium for a term policy. These are all some of the ways in which you can protect your family from the uncertainties of the times.
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