How Can Term Insurance Policies Help You In COVID-19 Pandemic?

Updated On Sep 29, 2021

How Can Term Insurance Policies Help You In COVID-19 Pandemic?
How Can You File a Term Insurance Claim Online?
Endnotes

The entire world is currently dealing with COVID-19 and its mutations. The virus has had far-reaching emotional and health ramifications that no one could have predicted. India has also been the worst-affected country in the COVID-19 scenario. According to experts, a third wave of the virus is set to hit India soon. Despite the fact that the COVID-19 vaccination has provided some comfort in these trying times the situation remains precarious. Everyone is concerned about the possibility of becoming ill and leaving loved ones without financial security. This is where a term insurance plan can prove to be an asset.

How Can Term Insurance Policies Help You In COVID-19 Pandemic?

Term insurance policies are simple protection plans that provide financial stability to your family in the event of your death while the policy is in effect. The importance of such policies cannot be overstated in these trying times, when the COVID-19 virus has swept the globe. Term insurance protects your family from potential threats and provides adequate coverage for your loved ones after your demise. These plans cover death due to the deadly virus as instructed by the IRDAI and pay the sum insured to your nominee when the claim is settled. The death benefit can be used to meet living expenses and maintain the lifestyle of your family and dependents.

Furthermore, it will ensure that your family's financial goals, such as higher education for children, homeownership, and so on, are not jeopardised. Some COVID-19 covered term plans additionally cover the cost of diagnostic and hospitalisation. A term policy provides much-needed financial protection in times like today when the coronavirus pandemic has resulted in millions of fatalities and poor health around the world.

How Can You File a Term Insurance Claim Online?

It is imperative that you and your family understand the claim filing process so that your dependents can benefit from the financial safety net provided by your term plan and achieve their life goals. Although the specifics of this process may differ slightly from one insurance service provider to the next, this is the basic procedure for filing a term insurance claim online.

Step 1: Prepare Your Supporting Documents

Gather all of the relevant papers as the first step. In most cases, insurers require the submission of the following papers as part of the claim process:

Death certificate
Original policy documents
Proof of the policyholder’s age and identity
Proof of the nominee’s identity
Nominee’s bank account details

Step 2: Complete The Online Insurance Claim Form

You can go to the insurer's website and fill out the appropriate claim form. If there are several forms to choose from, be sure you select the correct one. It is always best to file a claim as quickly as possible, as there may be time limits in place.

Step 3: Submit the Necessary Documentation

Attach any soft copies of the papers that the insurer requires. If you do this right, the claims procedure will go much more smoothly. This option may not be available with all insurance, so make sure to check and proceed accordingly.

Step 4: File Your Claim

Submit the claim after you've completed the form and wait for the insurer to review and settle it. If you need to provide the insurer with the hard copies of the completed form, make sure you do it on time.

Endnotes

In such circumstances, the value of term insurance becomes clear. Since the outbreak of the virus, many people have discovered that a term plan is more than just a tax-saving tool for them. COVID-19 claims are covered by good term insurance plans, providing a ray of hope for families who have lost their breadwinner. You should get one as soon as possible if you don't already have one.