OneInsure Blog
Post By Mohit Mishra
What the Stats Say about COVID-19, Term Insurance and You
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Term Plans, COVID-19 Cover
One peek at your Aarogya Setu app will inform you that across India, nearly 75 lakh cases of COVID-19 have been confirmed (as of Oct 19, 2020). Out of this, almost 1.2 lakhs have succumbed to the dreaded corona virus. But, it gets worse…
COVID-19 Stats in India
If you follow genuine reports from the field, you will note that urban centers like Mumbai, New Delhi, Bengaluru, and others make up more than 65% of the COVID numbers in India.
What’s even more distressing, however, is that COVID-19 fatalities have been observed the most among working class males. As per data released by the Health Ministry, although people in age groups above 45 continue to be at more risk from COVID-19 in terms of fatalities, a significant proportion—43%—of deaths have occurred in the relatively younger age bands of 30 to 44 and 45 to 59 years. And the majority of these are males.
Data from a study by the International Institute of Population Sciences (IIPS) shows that over 50% COVID-19 deaths in India have taken place in the 35 to 64 age groups, which is the most economically productive age group in the country.
Mature Householders Need to Step Up
As a mature householder living in urban India, we need to realize that although the Indian Government is hard at work to get the pandemic under control, the virus has proven itself to be one step ahead of even medically and economically advanced countries like France, Germany and the US and has not subsided even after close to a year has gone by.
This makes it absolutely mandatory for mature householders to make provisions in case the worst happens and they are infected by COVID-19 and fall victim to it. In such a scenario, nothing will provide the protection you receive from a good term insurance plan.
Experts agree that investing in term plans makes a whole lot of sense in these uncertain times. They warn that the fight against COVID-19 will be raging for many more years, and under such circumstances, investing in the cheap life insurance option that term plans provide will secure their dependents not only against a sudden stop of incoming salary but will also protect against any unpaid housing loans, car loans, education loans, and so on in case of their untimely demise.
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Did You Know? Life insurance companies in India have clarified that death due to COVID-19 will be treated as a general death and the claim will be admissible if the corona virus was diagnosed post policy issuance. Additionally, unlike a health insurance plan, term plans have no waiting periods, which means that once the policy is issued, the plan starts providing coverage immediately. |
Things to Know about Term Insurance
Term plans are highly adaptable policies whose every aspect can be customized as per your needs. Here are some of the important ones:
- Sum Assured (payable to dependents in case of death)
- Pay-out options (you can choose lump sum, monthly, or a combination of both)
- Policy term and coverage period (for example, you can choose coverage for 10, 20, or even 50+ years!)
- Payment term (for example, pay the whole premium at once, pay for 5 years, 10 years, or until the policy term ends)
For more, you may read this article: 3 Most Important Things to Consider When Buying a Term Insurance Plan.
The Role of OneInsure
OneInsure, being a diligent aggregator for term insurance plans, has quickly adopted to the need for a 100% digital process and we allow you to buy term insurance with a completely contact-less process, giving you the benefit of a robust digital process, convenient access, and hassle-free claim experience.
Don’t let complicated term insurance jargon and the add-ons (riders) available with term plans confuse you. Simply call a OneInsure term insurance executive at 86559 86559 and they will take you through the process step by step in a simple manner.
We look forward to assisting you and your family in these challenging times.
Be Sure with OneInsure
M – 86559 86559 | E – support@oneinsure.com
