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Covid 19 insurance PlanProtect Yourself and your family

Everything you need to know about Covid 19 Insurance

What is Covid 19 insurance?

Pandemic declared coronavirus (COVID-19) has impacted the lives of many across the world. In India, the entire number of individuals suffering from the disease stands more than 22.6 Million[1]. Considering the amount of rising cases, Indian insurance regulatory body IRDAI (Insurance Regulatory and Development Authority) had issued a circular asking insurance providers to come up with insurance plans which can provide adequate financial support against the disease.

Let us learn more about coronavirus and covid-19 insurance to analyse its need within the current times.

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What is Covid 19 disease?

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

The best way to prevent and slow down transmission is to be well informed about the COVID-19 virus, the disease it causes and how it spreads. Protect yourself and others from infection by washing your hands or using an alcohol based rub frequently and not touching your face.


The COVID-19 virus spreads primarily through droplets of saliva or discharge from the nose when an infected person coughs or sneezes, so it’s important that you also practice respiratory etiquette (for example, by coughing into a flexed elbow).[3]

Benefits of Covid 19 insurance plan

Benefits of Covid 19 insurance plan

Covid 19 insurance policies are health insurance policies designed to cover hospitalization and post-hospitalization expenses, as well as other medical expenses incurred due to the treatment of COVID-19. The insurance cover is available from day 1 after the insured is tested Covid 19 virus positive.

In addition, COVID-19 does not qualify as a pre-existing disease since it is a new disease. For this reason, if you do not want to spend all your savings on paying for hospital bills, you must buy adequate health insurance for yourself and your family at the earliest.

How Covid 19 insurance will benefit in case of demise?

If the deceased was covered by a life insurance plan of any kind, you can file a claim by submitting certain documents.

The following documents are required to make a Covid 19 related life insurance claim[2]:

  • Duly filled Claim Form or a letter from the Claimant
  • Certified copy of the Death Certificate or Proof of death establishing identity of the life assured in the form of list issued by State Government or newspaper cutting stating the death details.
  • Letter issued by local authorities confirming death due to by COVID-19 or any other valid proof which can be accepted by us.
  • Original Policy Document or Indemnity for loss of policy bond
  • KYC documents of life assured
  • KYC of nominee (Aadhaar and PAN card of the nominee)
  • Original Cancelled cheque or coloured scan copy of passbook of the nominee

Additional documents may be requested on case to case basis,

What makes Insurance so important during this tough times?

Coronavirus is wreaking havoc in entire world which has already killed a lot of people. In challenging times like these when the deadly virus has spread across the globe, the importance of Insurance increases manifolds. If you have a covid specific insurance policy, it will shield you from unexpected hospital and medical bills in case you get ill. Many a times when the infection gets out of control, it mostly results in a fatality. A covid 19 insurance policy will not give death benefits.

It becomes very important that each one of us has some kind of policy which covers our lives too. Life insurance policy is the best option here. It comes in various types like term plan, ULIP, money back plan, endowment plan etc. A life insurance plan won’t give you benefit in case you are hospitalised but it will act as a boon for the family in case of insured person’s sudden demise.

A person should cover his risk by buying Life Insurance policy.

FAQs

Do my current term insurance policies cover COVID-19 death?

Yes. As per the policy terms and conditions, all existing term insurance policies offered by FGILI shall cover COVID-19 death considering the said policy was inforce at the time of loss.

ARN:ADVT/Comp/2021-22/May/114

Learn more about COVID-19 related claims*

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