Will death from corona come under the purview of a Life Insurance Policy ?
If a policyholder dies due to the corona virus, the nominee will get the sum assured as the death benefit.
The corona virus has spread to every corner of the world. About 2 lakh people are infected by this. 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 the corona virus in India is around 147. Three people have died from this. The World Health Organization (WHO) has already declared it an epidemic.
In such a situation, the question arises whether the death of the policyholder due to the corona virus or Covid-19 will cover his life insurance policy? After being infected with the virus, can anyone get a life insurance policy?
Current Life Insurance Policy
If a policyholder dies due to the corona virus, the nominee will get the sum assured as the death benefit.
If the deceased had a life insurance policy, the nominee should know that health matters are usually covered in a life insurance policy.”
This means that when the insured person dies, the death benefits are met by the nominee. For this, the nominee has to file a claim.
Death benefit refers to the amount (even assured) that the company is prepared to pay on the death of the insured. At the same time, it is said that who is the nominee and who will be given the death benefit after the death of the policyholder.
Santosh says that in some life insurance policies, death is kept out of cover due to specific reasons. Right now, even before there is a life insurance policy, the corona virus will be covered.
Will Covid-19 be covered now by taking the policy?
If you are thinking about buying a life insurance policy right now, then you should keep in mind that its premium will depend on your health and medical history. So, if you are currently in the process of application, then it is right for you to think about an international crisis like Corona virus.
If the Proposer life insurance policy is in process, then the insurance company can hold it dismiss it or can be done if Proposer has already been infected with the corona virus.
He told that if the policyholder tells all the things correctly while buying a life insurance policy, then the death benefits are available to the nominee. Then even if the death is due to corona virus itself.
What if Covid-19 is kept in critical illness?
It is not usually denied to give death benefits in case of death due to some disease. However, the add-on conditions of the life insurance policy should be looked into. For example, in the case of Critical Illness Benefit, if the policyholder does not accept the medical advice, then the claim can be dismissed.
He said that if Covid-19 is covered as a critical illness in the policy rider, then his benefit will be paid as per the conditions and rules of the rider.
