Does Tata AIA Life Insurance Provide Coverage Against Coronavirus?

The year 2020 is synonymous with Coronavirus. What started in China has now engulfed the entire world and has affected millions of people across the globe, including India. Apart from causing a global health scare, the pandemic has also affected the economic status of even the mightiest of the global economies.
 

However, the novel Coronavirus has been successful in highlighting some critical lessons. Some of the most vital ones are, you need very little to be happy in life, and it is important to stay healthy and fit. Moreover, the pandemic also stressed how crucial it is to have a secure life insurance plan in place to face uncertainties like the coronavirus outbreak.
 

A life insurance plan provides you with adequate financial protection against unexpected events like the ongoing COVID-19 situation. It offers you economic assistance in times when you most need it, safeguarding you and your precious family. Hence, you must save in a life insurance plan that provides coverage against the novel Coronavirus.
 

Here is all you should know about buying a life insurance policy during a pandemic:
 

Why buy life insurance? How will it protect against Coronavirus?
 

But with the help of a life insurance plan that covers COVID-19, it is possible for you to financially secure you and your loved ones against this fatal disease. A life insurance policy will cover COVID-19 related death claims and will give the death benefit to the beneficiary if the insured dies because of the novel Coronavirus. The family can use this money to meet their expenses in harsh times and also safeguard their future.
 

What does this mean for those that already have a life insurance cover?
 

The Insurance Regulatory and Development Authority of India (IRDAI) has directed all general and health insurance companies to cover Coronavirus in their existing plans, irrespective of the type of policy. This means that your existing life insurance plan should cover COVID-19 expenses.
 

So, if you already have a life insurance policy in place, it is always advisable to check with your insurance company if they are covering you against COVID-19. In case your existing insurance plan already includes COVID-19 claims, you can always get information on what type of benefit does your insurer provide.
 

In most cases, the insurance company offers a death benefit to the beneficiary, in case the policyholder dies due to any COVID-19 related issue. That said, some insurance companies might cover medical expenses related to COVID-19.
 

What if you are buying a life insurance policy now?
 

Well, the present times are challenging. And if you get yourself a life insurance plan now to safeguard against the new coronavirus ailment, you must take note of a few things.
 

• First, if you happen to contact COVID-19 while your insurance application is underway, the insurer might reject the policy given your health condition or the risk of age. The is because the fatal respiratory issue causes severe problems and even death mostly in people older than 50 years or those that have an underlying health issue.
• Second, if you have a medical history of health issues, the policy premiums can be slightly more since this puts you at more risk of being infected by the COVID-19 virus.
   

However, it is important to disclose all details to the insurance company while purchasing the policy to avoid any complications later. But if you are not infected with the virus at the time of policy purchase, the insurance company will be liable to pay the death benefit to the nominee of the life insurance plan. This benefit is also payable to the nominee or the beneficiary if the insured dies due to COVID-19 afterwards. That said, in most policies, the insurer will also specify a 30-90 days waiting period from the date of purchase of the insurance policy. All COVID-19 related claims will be entertained, post the waiting period expiry.
 

Does TATA AIA Life Insurance provide coverage against Coronavirus?
 

We care for you and your loved ones. In tough times, when everyone is battling with the COVID-19 outbreak, TATA AIA is the apt life insurance company to offer additional benefits related to COVID-19 for policyholders, as well as agents, at no additional cost.
 

TATA AIA Life Insurance offers an additional benefit equal to the policy base sum assured or ₹5 Lakh, whichever is lesser, for death claims due to COVID-19. This is applicable for all individual policyholders of TATA AIA across all types of life insurance policy in a pandemic.
 

So, whether you are an existing policyholder of TATA AIA Life Insurance plans or you are planning to buy a new life cover, TATA AIA provides you with optimum coverage for COVID-19 related claims.
 

What is a critical illness plan? Will it provide coverage against COVID-19?
 

Critical illness plans are specifically designed to provide financial protection against the mentioned health issues. Some of the most common critical illnesses included are heart ailments, cancer, stroke, kidney transplant, organ donor, etc. These plans do not entertain any other claims unless mentioned. So, if you already have a critical illness policy, you would still need to buy a life insurance cover that offers protection against COVID-19.

 

L&C/Advt/2023/Mar/0732