Here's How Life Insurance Has Become Crucial in Fighting COVID -19 | Fusion - WeRIndia

The world is currently dealing with the outbreak of the novel coronavirus 2019-nCoV pandemic. Coronavirus or COVID-19 has been declared a Public Health Emergency of International Concern by the World Health Organization. Subsequently, all countries have come together to implement the highest level of international solidarity and cooperation.

To protect the health of the people and minimize the spread of novel coronavirus, all countries have agreed to report and share information on the spread of the virus and provide details of suspected and confirmed cases. In these unprecedented times, life insurance companies in India, too, have agreed to contribute towards spreading awareness and improving the efficacy of life insurance policies.

Let us look at the efforts of the Indian government in minimizing the spread of COVID-19 pandemic and how does having a life insurance policy can protect your loved ones in these times.

The Increasing Dominance of COVID-19 and Government’s Efforts Against it’s Spread

As of 24 May 2020, the total cases of confirmed cases of coronavirus in India are 132,755. Since March 2020, the government of India has implemented a nationwide lockdown, asking people to stay inside their homes.

All suspected cases of COVID-19 have been quarantined and under constant medical observation at detention centres, while all confirmed cases are admitted to specialized COVID-19 hospitalization wards.

Furthermore, the government has declared hotspots and potential areas that could turn into hotspots for COVID-19 cases. Going forward, every town, district, and state will be under careful examination and will be assessed in terms of their ability to tackle the coronavirus spread. The regions, which have shown a reduction in the number of new cases, have been partially opened for daily activities.

COVID-19 and the Life Insurance Sector in India

In the wake of increasing the spread of COVID-19 virus in India, the Insurance Regulatory and Development Authority (IRDA) has provided relief to all policyholders by allowing an additional 30-day grace period to pay life insurance policy premiums. This allowance is for insurance policies whose renewal date falls in the month of March and April, amid the lockdown to fight against COVID-19 pandemic.

The IRDA has already announced additional time for policy renewal in the case of third-party motor insurance and health insurance policies. IRDA announced this additional 30-day extension, in the wake of representations made by the life insurance companies and Life Insurance Council. They had flagged operational difficulties and constraints being faced by policyholders because of the nationwide social distancing advisory and lockdown.

Moreover, the IRDA announced that life insurance companies pay to offer ‘other settlement options,’ as per relevant regulation, for unit-linked life insurance policies that are about to mature by 31 May 2020 and whose payout of the fund value is to be a lump sum.

Why Is Life Insurance Essential Against COVID-19?

Having a life insurance policy coverage is crucial in times such as coronavirus pandemic. The lockdown in India has already exceeded two months, and the nation is feeling an economic meltdown due to industrial and agricultural operations being shut down. With financial instability now making matters worse in these emergency times, having the protection of life insurance policy helps you secure yourself and your loved ones against any possible financial contingencies due to the COVID 19 pandemic.

In case something was to happen to you, your family will not only have to deal with the emotional loss but may also face financial instability. In any such situation, having the best life insurance policy in India enables your loved ones to work towards achieving their goals without worrying about any financial crunch and inability to pay debts, household expenses, and maintain their standard of living.

In the wake of the coronavirus pandemic, the least you can do is to protect your family financially by investing in the best life insurance policy in India that aligns with your goals and requirements. Having the comprehensive protection of a life insurance policy is crucial for those individuals, who are our first line of defence against the COVID-19 threat – healthcare professionals, sanitation workers, media, and police personnel since they are serving people at the peril of their lives.

COVID-19 (Corona Virus) – Special Claims Process for Life Insurance Policies

Due to the widespread COVID-19 pandemic and the resultant lockdown measures being implemented by various government authorities, reputable insurers such a Max Life Insurance have introduced several changes to their existing life insurance claim settlement process.

The insurers have upgraded the settlement process to now enable customers/claimants to have access to dedicated claim settlement officers for any assistance required during claim filing. Moreover, you can opt for personalized life insurance policy variants that cater to your individual goals. Remember, different types of life insurance plans are available nowadays that can help you protect your loved ones financially amidst the growing pandemic of coronavirus. With the cover, you and your family can efficiently deal with financial instability in case of any emergency. Thus, you must choose right and make sure you have the best life insurance policy in India for your loved ones.
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