A term insurance plan is purchased for a specific term period. During the tenure, if the insured passes away, the nominee is paid a death benefit. Ever since the onset of the pandemic, term insurance plans have become quite popular, and people across the country have become much aware of their benefits. While the passing away of the primary earner can be devastating for the family, the assurance of a fixed payout can help the bereaved family manage their everyday expenses and live their lives with dignity.
The rising cases of Covid-19 have been a major concern for both customers and insurance providers. Covid-19 is also covered in the cause of death under term insurance. Let's get into detail in the further sections given below.
HDFC does not offer any Covid-19-specific term insurance plan. However, if an insured individual dies of Covid-19, the nominee will be liable to get the agreed death benefit. Below mentioned are the various coverage that the nominee is eligible for under HDFC Term Insurance cover-
While an unfortunate demise cannot be predicted, HDFC makes sure that the family left behind does not have to run around here and there to raise a claim when the insured passes away. The claim process, as mentioned below, is easy and simple to understand-
HDFC provides its customers with an advanced online platform where one can easily raise a claim. Here are the steps involved for the same-
If you do not wish to go with the online method, you can choose to visit the nearest branch and raise a claim via the offline method. On the website, you can find a branch locator that shows you all the nearest branches of HDFC. The claim filing process is as follows- Visit the website of HDFC, download the claim form and duly fill and sign it. The claim form can also be obtained from a nearby HDFC branch.
A Covid-19 term insurance plan has provided families with a strong sense of financial security. However, before you pick a plan, there are a few things you need to be careful about, like-
The tenure you choose must be a practical one. People who are in their prime should go for a longer tenure, so they do not need to purchase another term insurance plan later on. The tenure you choose may also depend on several personal calculations, be it any existing disease, affordability, etc. So, choose wisely.
The plan you choose must offer you enough flexibility to customise the plan as per your needs. For instance, if you live near a dangerous environment, you must be able to add specific riders.
The claim settlement ratio of an insurance provider must be considered. The higher the claim settlement ratio, the higher will be your chances of getting a claim settled. Not only claim settlement, but you must also check the incurred claim ratio to have a wider understanding of the company's claim settlement history as well as an overall approach to claim settlement.
Amidst the emotional crisis, nobody wants to go through a hectic claim filing process. Hence, the process of filing a claim must be simple and easy enough. Thus, HDFC offers both online and offline claim filing options so that families can choose as per their convenience.
While raising a claim, the nominee must carry a few documents with them. Here is the list of documents that you should have when filling out the claim form-
Conclusion
Covid-19 has already affected a lot of families, and it is high time that people must start planning for a financially secure future. Nobody wants their family to suffer a financial crisis in the absence of a family member. For families who have a sole bread earner, term insurance becomes a need and not just a choice. So, if you have not purchased a term insurance plan so far, this is the right time that you must make the decision.
