The Council also confirmed that the clause of ‘Force Majeure’ will not apply in case of COVID-19 death claims. This step was taken to reassure customers who had reached out to individual life insurance companies seeking clarity on this clause.
The company provides pre-approved medical loan via loan card to all Indian residents of age 21 to 60 years at an annual fee of Rs 999 (inclusive of taxes). The annual fee for the loan card is paid upfront.
An insurer generally works on a concept where they create a fund through premiums (paid by all their policyholders) and pay the insurance claims of those policy holders who die each year, from this fund.
The option to extend dates without extra charges will come as a relief for those policyholders who have or will now have to reschedule their air ticket bookings due to the strict lockdown measures announced by the government amid coronavirus outbreak
These online ordering and delivery platforms have temporarily suspended the COD payment option to minimize the risk of spreading of coronavirus infection and to ensure the practice of social distancing.
This move may well be due to the lockdown in the country due to the coronavirus infection spread and the situation arising from it.
The policy, Star Novel Coronavirus, will even cover those with international travel history. However, the sum assured of Rs 42, 000, that the insurance cover offers appears low, especially for someone who might have to be hospitalised.
You have to be at least 18 years of age to make a partial withdrawal. You are allowed to partially withdraw money only after the completion of 5 policy years and also only if all due premiums have been paid on time and the policy is in force.
Having a higher cover is good but also be mindful of the fact that it costs money (premium), especially when you have a set household budget and your pocket doesn't allow you to make discretionary expenses beyond a certain limit.
It is reasonable to assume that a global health crisis like the coronavirus would have some impact on your life insurance policy acceptance and premiums, if you are currently in the application process stage.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon