COVID-19, a virus that has upended our lives in ways nobody could have ever possibly imagined. As the death toll adds up a couple of thousand people every day in India, the anxiety of being caught by the virus has shivered down our souls.
During this time, the biggest worry remains the consequences if anyone is caught with Covid-19. What will be financial burden to the family and how Health Insurance would help:
So, if you have medical insurance, then all such insurance cover medical expenses upto the sum assured.
Nowadays, government is taking care of medical expenses so need not worry. In case, you are admitted to a private hospital then you can avail cashless benefit under medical insurance, if you are already covered by a Health Insurance.
Though Covid-19 is a critical disease, but it is not listed in Critical Insurance cover hence critical insurance would not apply. In same way, critical insurance would not fall under accidental insurance.
If you have bought insurance during COVID times, then all declaration of your travel history is required and any instance of non-disclosure of the same may hamper your claim. Hence, ensure all declaration if you are thinking to buy Health insurance now.
In case of death due to COVID 19, all claims are payable by all insurance companies. Even the existing one-month grace period of paying the premium has been further extended by 30 days. But is advisable that you pay premium on time.
Your claim is likely to be denied if your policy lapses for non-payment and the policyholder dies before the policy is reinstated. If you are late in paying the premium, do not panic, Insurers give a grace period of 30-31 days to pay your delayed premium(s). If during this time, you are facing difficulty to pay your premium on time due to lockdown or Covid-19 related issues, it is advisable to inform your insurer before the premium is late and you may receive further extended grace period.
How to file a Life Insurance Claim in India:
After the death of a policyholder, the beneficiaries need to file a life insurance claim. Follow these simple steps to file a claim:-
- Get hold of several copies of death certificate of the policyholder.
- Inform the insurance company to initiate paperwork for Life Insurance claim.
- Attach a certified copy of the Death Certificate and all required documents.
- After claim submission, it is upon the beneficiary to decide whether to receive the pay-out at once or in instalments.
- If death has happened under ULIP policy, then it is better to go for settlement option because fund values are currently down, and one can settle once the market has recovered.
If you face any difficulty with applying for claim, contact Insurance Samadhan. We are always there to help! At InsuranceSamadhan.com, we have helped resolve over 12,600 customer grievance cases in the past related to insurance, ULIPs and other financial products.
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