The coronavirus has spread to every corner of the world. About 2 lakh people are infected. 8,449 people have lost their lives due to this infection. According to the Ministry of Health and Family Welfare, the number of people infected with coronavirus in India is about 147. Three people have died. The World Health Organization (WHO) has already declared it an epidemic. The question arises whether the death of the policyholder due to coronavirus or COVID-19 will cover his life insurance policy? Will life be able to get a life insurance policy after being infected with the virus?
Existing Life Insurance Policy
If a policyholder dies from coronavirus, the nominee will get a sum certain amount as a death benefit. If the deceased had a life insurance policy, the nominee should know that health matters are generally covered in the life insurance policy. This means that when the insured person dies, the death benefit nominee gets it. For this, the nominee has to file a call. The death benefit refers to the amount (sum assured) that the company is willing to pay on the death of the insured person. At the same time, it is said who the nominee is and who will be given death benefits after the death of the policyholder. In some life insurance policies, death is kept out of cover due to specific causes. If there is already a life insurance policy, the coronavirus will be covered.
Will the COVID-19 be covered in the new policy now?
If you are now thinking of buying a life insurance policy, you should keep in mind that the premium will depend on your health and medical history. So if you are currently in the process of applying, you are right to think about an international crisis like coronavirus. If your life insurance policy is in process, the insurance company may hold it or dismiss it. This can be done if you have already been infected with the coronavirus. If the policyholder accurately explains all the things while buying a life insurance policy, the death benefit nominee is available. Even if death has not been caused by the coronavirus.
What if COVID-19 is kept in critical illness?
Death benefit is not denied in case of death from a disease. However, the add-on terms of the Life Insurance Policy should be viewed. For example, in case of critical illness benefit, if the policyholder does not consider medical advice, the claim may be rejected. He said that if COVID-19 is covered as a critical illness in the policy rider, his benefit will be paid as per the rider's terms and conditions.
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