The COVID-19 pandemic has affected people from all walks of life. A highly infectious viral disease, it has turned out to be the greatest health concern for governments all around the world. People with COVID-19 infection have notably different experiences. Some complaint of mild symptoms of the common cold and they recover with normal treatment at home. Others require immediate hospitalization because they develop serious respiratory problems which may cause the failure of multiple organs.
In either case, a person with COVID positive not just needs medical support, but also proper emotional attention from their dear ones. As for financial support, health insurance policies can help bear treatment expenses while term insurance policies can perform as monetary support and help the insured’s family cope with the financial crunch in case of a regrettable death due to COVID-19.
What is COVID-19 Term Insurance?
Term plan with COVID treatment is essentially a traditional insurance plan that has been designed to offer additional monetary cover against death due to coronavirus.
In general, a term insurance plan provides only death benefits due to illness if the policyholder succumbs to critical ailments, such as stroke, cancer, and heart disease. But as the COVID-19 reported to rise at record levels, insurance companies in India started covering deaths caused due to COVID-19 under term insurance.
Types of Insurance Plans That Cover COVID-19
- A COVID-19 Protection Plan – This is a type of insurance plan that is crafted to provide coverage for hospitalization and medical expenses incurred during COVID-19 treatment.
- Term Insurance Plans with COVID Cover -These are term insurance policies that cover claims that come under death due to COVID-19. However, these policies do not cover any hospitalization expenses.
Best Term Plan with COVID Treatment in India
- Tata AIA Term Plan
Investing in the TATA AIA term plan online will allow you to safeguard the future of your family against unforeseen circumstances like the COVID-19 pandemic.
- The policy offers protection up to the age of 100
- It provides coverage for all COVID-related claims, such as death, diagnosis, and hospitalization
- The policy offers flexibility to choose your sum assured and premium payment terms – modes and frequency
- This term plan also offers a discount on premium rates if you opt for a high sum assured
Above all, TATA AII gives you the option to take a lump sum or monthly income payout as per the needs of your family. The sum insured received from the insurer can be used by your family either to cover medical costs of coronavirus treatment or higher education or marriage of your children.
- Aegon Life iTerm Insurance Plan
Aegon Life iTerm Insurance Plan is another term insurance plan that provides coverage for COVID-19 related implications. Along with COVID-19 death claims, the policy also covers 36 other critical illnesses such as heart disease, cancer etc. (see policy document for the list of diseases).
- Aegon Life iTerm Plan provides lump sum amount in case of hospitalisation due to COVID-19
- Consecutive 24 hours of hospitalisation on the first-ever diagnosis of COVID-19 condition is required to enjoy claims with death benefit from the life cover.
- In case of death, you can avail the life benefit through the base plan to support your family.
- Aegon Life iTerm Plan covers COVID -19 death claims with premiums starting as low as Rs. 12/day.
- The plan has several Life Cover options (up to Rs. 50 lakh) and COVID-19 Hospitalisation Cover (up to Rs. 5 lakh).
- HDFC Life Term Plans
All life insurance policies issued by HDFC Life cover COVID-19*claims during these harsher living conditions caused by the pandemic. Why choose HDFC Life Term plans:
- Impressive claim settlement ratio – Claim settlement ratio (CSR) is the number of claims entertained as compared to the number of claims filed in a year. The higher the CSR, the better, this is because a higher CSR creates a sense of assurance that your claim will be approved. The claim settlement ratio of HDFC Life is 99.07%, which is the best in the country.
- Excellent customer service – Smooth and hassle-free experience is what every policyholder expects from their insurer. Nothing is more reassuring than the insurer’s dedication to achieving this. HDFC Life is committed to excellent customer service by being available anytime by phone, email or chat. You can contact the insurer anytime and make your payments seamlessly through a variety of online payment options.
- Wide range of plans – Every different customer comes with different needs. Given that, HDFC Life offers a single term insurance plan called Click 2 Protect Life with three different options to meet the needs of diverse customers. Moreover, there are riders to augment your selected term insurance plan.
- Waiver of Premium Benefit: While term insurance covers life cover, a good term plan will provide you with a waiver of premium benefit in case of a critical illness diagnosis or an accidental permanent disability. This means that your policy will continue as planned and you will get life cover.
- Rebates on Offer: With HDFC Life, you will get rebates if you choose a higher sum assured or if you’re a non-smoker.
- ICICI Pru iProtect Smart
ICICI Pru iProtect Smart is one of the comprehensive term plans with covid-19 cover. Why choose this policy?
- Longer cover till 99 – It is a plan that covers you at a low premium with the desired term plan. It comes with a provision to cover you till 99.
- Optional 34 Critical illnesses Cover – Despite it being a term plan, it also offers a claim payout on the first diagnosis of any of the 34 critical illnesses described in the policy document. Thus, it ensures your family security.
- Terminal illness (including AIDS) – This policy pays life cover on terminal illnesses including AIDS.
- Accidental benefit – ICICI Pru iProtect Smart also comes with accidental coverage benefits so it can mitigate financial effects at the time of an accident.
Moreover, the ICICI Pru iProtect Smart offers a special discount on premiums for female lives and provides coverage for females for breast cancer and cervical cancer.
Investing in the best Term Plan with COVID Treatment in India is a wise decision. However, following all COVID safety protocols such as getting vaccines, wearing masks, maintaining social distance, using sanitizer, eating healthy diets, improving immunity and more is equally important. If you maintain COVID-friendly behavior, you can secure your family with a good term plan. Thus, you will be at peace of panic and uncertainty.