Insurance companies are asking for a Covid-19 vaccine certificate before buying term insurance. The non-vaccinated applicant will find it difficult to purchase the coronavirus term insurance
Covid-19 is taking a serious hit in the country and has spread all over the world. The number of coronavirus-affected patients are increasing with each passing day and this has instilled fear in people’s mind. Thus, all the countries, including India are taking the necessary steps to flatten this curve.
The Covid-19 pandemic has not only affected individuals but also crippled several industries and business sectors. But regardless of these difficulties, the insurance industries are doing their best to assist their customers through their persistent support.
The outbreak has lead people to buy coronavirus term insurance due to the risk of spreading. The insurers have also come up with various coronavirus term insurance schemes and other benefits.
But the insurance companies have also laid certain rules to obtain coronavirus term insurance. Insurance companies are asking for a Covid-19 vaccine certificate before buying term insurance. Those who have not been vaccinated will find it difficult to purchase coronavirus term insurance.
Is Covid-19 Vaccination Mandatory for Coronavirus Term Insurance?
Certain insurance companies are asking for a Covid-19 vaccination certificate before issuing the term insurance. Not every company has come up with these measures. With the shortage of Covid-19 vaccine in our country individuals who wish to buy term insurance are let down.
Companies that Mandated Covid-19 Vaccine For Coronavirus Term Insurance:
TATA AIA and Max Life are asking for the Covid-19 vaccine for those who wish to purchase term insurance.
According to Economic Times, Max Life is issuing term insurance for individuals aged 45 only if they have taken both doses of vaccines. They are requested to present the Covid-19 vaccination certificate. Whereas TATA AIA is issuing term insurance only to individuals who have received at least one dose of the Covid-19 vaccine irrespective of their age.
But according to Economic Times, a TATA AIA spokesperson denies the fact that they have mandated the vaccine as a precondition for issuing term insurance. The Max Life spokesperson also says that they are issuing the policy, even if the vaccination is not taken.
Economic Times reports that other insurance companies like ICICI Prudential, TATA AIA, and Aegon Life have introduced a cooling period. If a person likes to purchase a policy they will have to wait for 7-15 days post-vaccination. This is because certain individuals are showing some complications after taking the vaccine.
Reliance General Insurance is offering a 5% discount for vaccinated applicants who wish to buy term insurance.
Underlying Cause for Making Covid-19 Vaccine Mandatory:
There are two reasons why the insurance companies are asking the customers to get vaccinated. First, if an individual is vaccinated the risk management would be less. Thus saving the insurance companies from the burden of claims in the future.
And second, if the individual is hesitant to take the vaccine, then the insurance companies would pay special attention to these customers because these customers might not be interested in getting vaccinated at all.
But on the other hand, due to the high demand for vaccines in our country, perhaps the person is not vaccinated yet due to this reason. And even if the person gets vaccinated, he/she would have to wait for 84 days to get the second jab of dose.
This could create a substantial inconvenience for people who are willing to buy coronavirus term insurance.
Can a Covid-19 Recovered Person Buy Coronavirus Term Insurance?
A person who has recovered from a coronavirus disease might find it difficult to buy the coronavirus term insurance. This is because the insurance companies require a cooling period of 1 to 3 months from the recovered customers. These customers might also undergo some extra medical tests while applying for the coronavirus term insurance.
If the customer is tested negative after the cooling period, then the policy will be issued without any complications. The medical tests are taken to identify the type of risk the applicant may possess.
Cooling Period for Covid-19 Recovered Applicant:
There are occasions where the recovered patient from coronavirus has developed medical complications. These post-Covid symptoms can create a life-threatening situation. This creates a burden for the insurance companies during a claim as a significant amount of money has to be covered. So when the insurer accepts such high-risk policy from applicants they make sure to follow the guidelines.
After three months of recovery from coronavirus the applicant can apply for the policy. This is called the cooling period.
Also, if the policyholder tries to hide the fact that he/she had a history of Covid-19 then the claim would be rejected by the insurance companies.
Importance of Buying a Coronavirus Term Insurance:
People are now realizing the importance of buying term insurance to secure the financial future of their loved ones. The outbreak of coronavirus has triggered a warning bell in the minds of people who thought term insurance is not necessary and have been avoiding it.
A coronavirus term insurance indicates that under any unfortunate event such as the death of a policyholder caused due to Covid-19, the term insurance will take care of your family financially.
Insurers Remind and Motivate Policyholders to take Covid-19 Vaccine:
As per the Insurance Regulatory and Development Authority of India (IRDAI), the insurers are requested to promote and take necessary steps for the policyholders to take the vaccination. The insurers are asked to help their customers get the vaccine at a government authorised centre or private centres as per their convenience.
The insurers can help the policyholders book an online slot for taking the vaccine and also remind them to take the second dose. The insurers are requested to motivate eligible category of policyholders to get vaccinated and create awareness about it. The cost of the vaccine has to be borne by the policyholder if they choose a private centre.
Take your Vaccine Right Away
The primary motive of taking the Covid-19 vaccine is to safeguard and keep you from getting seriously ill. The insurance companies may or may not benefit but you are saving both your health and wealth by taking a small shot.