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Top 5 reasons to buy life insurance during Corona Pandemic

India has seen one of the worst phases in its history in the past three months due to the Corona virus pandemic. Millions of jobs have taken a hit; many people are dying due to the virus.

Close your eyes and write down the names of 5 people who you think will help you in case of your demise. How many days/months will they help your family in your absence?

If your answer is None then it’s high time you decide to buy life insurance.

Here are the top 4 reasons to buy life insurance during the pandemic:

  1. Price Increase: Insurance industry is one of the least hit during the times of Corona pandemic, but the Mortality rate has seen a steady increase for the past three months due to corona virus. As we all know that life insurance is based on the concept of mortality, premiums are charged depending on the mortality rate. Higher the mortality higher would be the premiums. As per the news reports Life insurance companies are planning to increase the premiums to cover the costs associated with Corona deaths. Term insurance which is the basic form of life insurance will witness up to 40 % increase in the premiums.
  2. Risk Cover: Life Insurance is a tool to cover the risk associated with death. In life insurance term cover is the basic product which provides cover for a certain term at affordable premiums. Nearly 90% of the population doesn’t have any valid life insurance cover. Corona virus has no particular vaccine yet and is the cause of many deaths across the World. In this situation it is highly advisable to purchase term insurance so that your family is secure after your demise.
  3. Buy Online: These days due to the advancement in the technology, most of the work is done online while sitting at home. The same is applicable to the insurance industry, there has been recent changes taking turn towards digitalization. Purchasing a policy online during corona pandemic provides an opportunity to avoid direct contact with agents.
  4. Medical Limits:  Due to the current situation many hospitals and test centres are not functioning to the full capacity. Keeping this in mind insurers gave certain exemptions to customers regarding medical tests while taking life insurance policies. These include Tele medicals up to certain Sum Assured, Home sample collection etc., almost all the insurance companies are accepting the declaration of customer given in proposal form along with tele medicals for a specified sum assured, certain age and occupation.

There is a proverb which is apt during these times “Act fast before it’s too late”.

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