June 25, 2021 5:51:28 pm
Written by Sajja Praveen Chowdary
Given the nature of the virus, as per news reports, most medical experts across the country are predicting a third wave of the pandemic in the next few months. In fact, the All India Institute of Medical Science (AIIMS) chief has already warned against the third wave of coronavirus disease and has predicted that the third wave may strike the country as early as the next six to eight weeks if people do not strictly adhere to face masks and social distancing norms.
As the threat of the third wave looms large, it is important that we learn from the previous waves, take necessary precautions, and prepare on both personal and financial fronts well in advance.
One of the important steps in your preparation on the financial front for the third wave of the Covid-19 pandemic is buying a term life insurance at the earliest if you do not have one to secure the financial future of your loved ones. In a term insurance plan, by paying a very small premium of Rs 500 per month, you can get a life cover of an amount as high as Rs 1 crore.
Why this might be the right time?
This might be the right time to buy a term life insurance plan if you have not bought one as one of the most important conditions for buying a term life insurance plan is going through a physical medical test or telemedical process.
The second wave has put a lot of strain on our health infrastructure and has affected many families. Moreover, people suffering either themselves or family members being infected has also directly influenced many processes and timelines across industries including Insurance.
While the average time taken for physical medical was 3-4 days earlier, this jumped to 7-8 days during the months of April and May – when most of the country was under strict lockdown. The delay seems to be mostly due to a mix of events like the strain on medical infrastructure including testing centres, movement restrictions in various locations, people assigned for collecting samples from the customers being affected at times and most people not being comfortable with someone coming to their home from outside due to fear of contracting coronavirus.
However, as the number of active and fresh cases has reduced and with lifting off of movement restrictions, the medicals are being done at a much-improved speed. Until now in the month of June, customers buying term life insurance have been able to complete medical tests/requirements much faster.
What you definitely may not want is to end up in future weeks or months in a situation wanting to buy term insurance but not being able to proceed with it due to either a lockdown scenario or being exposed to a larger risk by stepping out of home compared to today for medical tests completion.
Life insurance has always been a must-have insurance product for the maximum financial protection of the dependents however, since the onset of the Covid-19 pandemic, the need for have life insurance has increased by many folds, as you may never know how severely the virus may strike anyone regardless of the fact how fit and healthy one is.
In the last 15 months, we have witnessed thousands of young individuals losing their lives due to coronavirus infection. While the purpose of knowing this is not to get anxious but to educate ourselves to take the right steps at the right time.
The author is Head-Term Life Insurance at Policybazaar.com. Views expressed are that of the author.
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