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Bakshi House 40-41 (Near Chiranjiv Tower), Nehru Place, New Delhi, Delhi 110019
07:30 am – 05:30 pm Mon-Fri
Are Deaths because of Coronavirus Covered by Life Insurance Policies?

Coronavirus pandemic has already raised alarm in India with rapid rise in the number of infected/death cases when this blog was written.The number of Coronavirus infected cases in India has crossed 5000 and death toll due to Coronavirus has crossed 150. According to the director of AIIMS at New Delhi, Dr Randeep Guleria, “Most places in India are at Stage 2 of Coronavirus transmission. However, some places which have seen sharp rise in the infected cases are between Stage 2 and Stage 3.” The current trend of outbreak is a matter of serious concern for India. The government has ramped up its efforts in otherwise immobilised India. It is taking all possible measures and suggestions to contain the spread of virus. The Indian Council of Medical Research (ICMR) has plans to intensify India's Covid-19 testing capacity per day to ease healthcare burden in imminent time.
    
Rising concerns among policyholders on existing life/health insurance policies 

  • The sharp increase in death toll related to Covid-19 has raised apprehensions among policyholders like you. The scale of response shows that you are concern if your life insurance policy covers death due to coronavirus. This arose as a likely question after WHO declared coronavirus as a global pandemic. The world has seen several epidemics in the past decade; therefore a standard life insurance policy usually covers death due to health-related issues/infections irrespective of the complexity of infection. However, there are a few key points to cross-check.
  • If an individual holds a life insurance policy and he passes away due to coronavirus-related health complications, then the nominee is paid the assured death benefit. Nominee name is already declared by policyholder in policy document at the time of buying the policy.
  • Some life insurance policies may exclude death on specific grounds like death due to unfamiliar epidemics as Covid-19 is caused by a new unknown strain of coronavirus for which there is no vaccination/cure available as of now. We recommend you must seek confirmation on this from your insurer. 
  • The amount of premium an individual pays for a life insurance policy determines if it covers a global pandemic like Covid-19. If your insurance premium is too low, it is most likely that it covers only local epidemics and excludes global pandemics. We, at PolicyDigi respect government’s decision of lock-down/social distancing and offer online services and life/health insurance plan at affordable premiums.
  • If you already hold a health insurance policy, it usually covers your hospital bills and medical expenses to the limit of the amount insured by you. If an individual is hospitalised and undergoes treatment for Covid-19 symptoms, a standard health insurance policy covers part or whole of total invoice depending on the insured amount. However, in some cases claims are payable only if an individual is hospitalised for at least one day, that is, 24 hours.
  • In prevailing critical situation, it is alarming to hear that some private hospitals are charging exorbitant amount for treatment of novel coronavirus. Policydigi believes that government’s interference by putting a limit to amount charged by hospitals will dispel misery and calm anxiety among people.