Lockdown by the government to protect its citizen and prepare to handle the crisis has resulted in people staying home for a long period. During these fearful times, while people made losses in their businesses, took salary cuts or lost their jobs, they thought about protecting their families against the corona virus. This has also resulted in increase in need to buy health insurance and Life Insurance policies. Never before people have realised the importance of having insurance as a protection for their family in case of unexpected event like covid or untimely death.
The hospital bills of covid treatment ranges from 2 Lacs to 15 lacs depending on the severity of the condition. People are already under financial distress and need for hospitalisation in case they catch the infection is adding to the distress. Though the Government is claiming low mortality rates in India, but looking at the number of people suffering life style diseases like Hypertension and Diabetes which is the high-risk category currently, the risk is definitely more. If the number of infected increases and our government medical facility starts to stress- out as in other countries, the cost of treatment in private set up may increase all based on demand and supply.
People are realising the need and looking at various options to buy online. Though in the past people preferred meeting face to face and understand the product, now due to social distancing norms they are preferring online channels.
The companies are providing the complete details online like the product feature and benefits, Premium quotations, on call advisory, strong chat pod for customer support.
The proposal form is filled online and a softcopy of the policy is sent on the registered mail
The crucial part of the policy issuance is the medical underwriting which requires the medical tests which depends on the age of the Life insured and the sum assured he has applied for. In these times most companies have revised the guidelines to adjust to the current situation or are resorting to tele consultation with a medical expert. But where physical test like blood test, ECG, Treadmill tests are required the company is keeping in touch with the customer and fixing appointments to reduce the risk.
For KYC process, e-KYC is being adopted which can be easily done online without a need to physically meet the customer, simplifying the process at this time. There is no need of copy of address proof, age proof and photographs to get the insurance policy.
Insurance is the most important protection for your family and should be considered at all times. With easing out of buying procedures, build the portfolio of protection for your family.
Even your lapsed policy can have a surrender value and you can also consider to revive your policies by paying the old dues in these times.
Insurance Samadhan has also designed Policy health meters to understand the health of the insurance policies that you currently hold and can reach out to us with respect to any questions on your current life insurance or health insurance.
At InsuranceSamadhan.com, we have helped resolve over 12,600 customer grievance cases in the past related to all types of Insurance products.
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