India has seen one of the worst phases in its history in the past years due to the Coronavirus 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.
Life insurance is a contract between the life insurance company and the insured customer where the insurance company agrees to pay a defined sum assured known as a death benefit to the nominee of the policyholder in case of the sudden demise of the insured.
A life insurance policy gives financial support to the family of the policyholder. The premium by the customer is depending on age, life expectancy, and health, and gender. The best life insurance plan in India can be found on the portal Life Insurance and get peace of mind.
While choosing the best life insurance plan offers the maximum coverage at affordable premiums and with all the possible add-ons. The premium paid for the life insurance policy is calculated based on the term selected by the customer and it can be paid in installments or in a lump sum.
To get the best term insurance plan and reasons to buy term insurance please talk to our life insurance agent who will guide you in selecting the best term life insurance plan in India. Get tax benefits and exemption as per section 80D of Income Tax Act 1961 and please read the terms and conditions before proceeding.
Here are the top 5 reasons to buy life insurance in India during the pandemic:
- Price Increase: The insurance industry is one of the least hit during the times of the Corona pandemic, but the Mortality rate has seen a steady increase for the past three months due to coronavirus. 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 a 40 % increase in the premiums.
- Risk Cover: Life Insurance is a tool to cover the risk associated with death. In life insurance, term cover is the basic product that provides cover for a certain short term at affordable premiums. Nearly 90% of the population doesn’t have any valid life insurance cover.
Coronavirus has no particular vaccine yet and is the cause of many deaths across the World. In this situation, it is highly advisable to purchase corona term insurance so that you can protect your loved ones after your demise.
- Buy Online: These days due to the advancement in technology, most of the work is done online while sitting at home. The same is applicable to the insurance industry, there have been recent changes taking a turn towards digitalization. Buy corona insurance online during a corona pandemic provide an opportunity to avoid direct contact with agents.
- Medical Limits: Due to the current situation many hospitals and test centers are not functioning to the full capacity. Keeping this in mind insurers gave certain exemptions to customers regarding medical tests while taking life insurance products. These include Tele medicals up to certain Sum Assured, Home sample collection etc., almost all the insurance companies are accepting the declaration of the customer given in proposal form along with tele medicals for a specified sum assured, certain age, and occupation.
There is a proverb that is apt during these times “Act fast before it’s too late”.
Buying Life Insurance is helpful in Corona Pandemic?
The ongoing corona pandemic has made many people realize the importance of insurance. There has been a rise in the number of health insurance policies sold online as well as through agents.
The life insurance industry has seen a considerable rise in the number of life insurance policies sold, particularly term insurance. Some of the long-term investors even preferred the ULIPs in life insurance considering the fact that the market is low due to pandemics and this would be the best time to invest.
Coming to the point of deciding on the right time to buy pandemic life insurance, a few things are to be considered here:
- The younger the better: Life insurance in particular term insurance is to be taken at a very young age. The younger the age the lower the premium. Any person who has started earning should have some form of life coverage. Life insurance should be seen as an investment instead of an expense.
- Liabilities & Loans: One of the most important things to consider while taking a loan is to secure the life against any mishappenings which may lead to financial future constraints for the family in case of your sudden demise. If you are taking any loan be it for House or Car or any student loan, it is of utmost importance to take insurance to protect the loan payment in case of your sudden demise.
- Dependents: If you are the breadwinner of the family and there are dependents on you then it is important to have life insurance. In case of your sudden demise, the proceedings from the claim will help them settle financially without facing any sudden hiccups.
- Life insurance as an Investment: Many people consider life insurance as an expense. This kind of mindset needs to be changed among the masses. Life insurance has to be considered as an investment in your own life. This investment will come in handy for your family member and savings plan from a sudden financial crunch due to your sudden demise.
To know reasons to purchase life insurance and reasons not to buy life insurance we are at PolicyBachat where we have a team of life insurance experts to guide you to select the best life insurance from the top 5 life insurance companies in India.