Term Insurance Plan For COVID-19.
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The world is currently grappling with the second wave of COVID-19, shockingly even worse than the first one. The emotional and health consequences inflicted by the virus are beyond anyone imagined. As per experts, a third wave of the virus is expected to hit the world any time soon. India, too has been on the worst receiving end of the entire COVID-19 situation. Even though the COVID-19 vaccine has offered some relief in these stressful times, the situation is still not safe. The risk of falling sick and leaving loved ones without financial security is on everyone’s minds.
Importance of A Term Plan During The COVID Crisis
In such times, the importance of term insurance comes into perspective. Since the onset of the virus, many people have realized that a term plan has more relevance in their life than a mere tax-saving* instrument. Good term insurance plans cover COVID-19 claims, bringing a ray of hope for families that suffer an unfortunate loss of the chief earning member. If you still have not got a term plan, you must invest in a comprehensive term plan life insurance at the earliest possible. However, if you already have a term policy, you can be assured of your family’s financial security, even if the COVID-19 virus takes a severe toll on your health.
Existing Term Plans Cover COVID-19.
Term insurance policies are pure protection plans that offer financial security to your family in case of your demise during the policy tenure. The relevance of such plans cannot be underlined enough in these distressing times when the COVID-19 virus has engulfed the entire world. Term plans protect your family against future risks and offer sufficient protection to your loved ones in your absence.
These policies cover death from the deadly virus (as per the IRDAI mandates) and offer the sum assured to your nominee at the time of claim settlement. Your family and dependents can use the death benefit to cover their living expenses and maintain their standard of living. Further, it will ensure your family does not compromise on their financial goals such as higher education for kids, buying a home, etc. Some term plans with COVID cover also include the diagnosis and hospitalization cost.
In times like these, when the coronavirus pandemic has led to millions of deaths and poor health all over the world, a term policy offers a much-needed monetary cushion in case of an unfortunate event.
New Term Plans For COVID-19
If you have not bought a term plan life insurance policy but wish to protect your loved ones from the financial distress caused by the virus, you should invest in a term policy at the earliest. Given the unpredictability of the virus, it is advised to purchase an adequate life cover. A term plan is cost-effective and can provide financial security to your family in unfortunate circumstances.
Moreover, since the COVID-19 virus has an impact on people of all age groups in diverse ways, it is best to buy a term insurance plan with additional riders to make the cover more exhaustive or other insurance plans that suit your requirements. Term insurance with a critical illness rider can help protect you if you are diagnosed with a major ailment such as heart disease, kidney, liver, etc. When you buy critical illness insurance plans, your family gets an assured sum, which can help them cover the cost of your treatment. If the critical illness leads to your demise, the family also gets the death benefit, keeping them financially sheltered even in your absence.
Conclusion
Apart from investing in the right term plan life insurance, it is also crucial that you follow all COVID safety protocols, such as maintaining social distance, wearing a mask, sanitizing, eating healthy, improving immunity, and more. By maintaining COVID-friendly behavior and securing your family with a good term plan, you can be at peace during times of uncertainties and panic.
Also read- Types Of Investment Plans In India
