COVID 19 Insurance

COVID 19 Insurance


COVID 19 insurance refers to an insurance policy or a rider that provides financial assistance for the healthcare expenses incurred by the policyholder for the treatment of COVID 19 disease. COVID-19 insurance benefits has been designed to help people get good quality treatment and care to fight against the novel Corona virus.

A COVID-19 insurance provides coverage to the insured as soon as a short waiting period (usually 15 days) has been served after purchase. So if a person is diagnosed positive with this disease, he/she is covered for their expenses, provided the diagnosis is received 15 days from issuance. An individual can also buy this cover as a standalone policy or under a COVID 19 insurance rider associated with a life insurance plan.

Benefits of Buying COVID 19 Insurance

1. Financial Assistance

Under a COVID 19 insurance, depending on the type of policy you purchase - you will either be covered for your expenses once you are diagnosed with Covid-19 (subject to terms and conditions) or you will receive a pre-determined percentage of the total sum assured as soon as you are diagnosed with the disease.

2. Enhanced Life Protection

With some COVID 19 insurance policies, you can receive an additional sum assured, on death due to Covid-19. If the cover is under COVID 19 insurance rider, this sum assured is in addition to the base policy sum assured.

3. Tax Benefit

You can get tax benefits for the purchase of COVID 19 insurance as per the prevailing tax laws. Also, the benefit received under COVID 19 insurance cover is tax-exempt.


Why Should You Buy COVID 19 Insurance Cover?

The novel Corona virus is spreading like a wildfire across the world, making more and more people a victim of COVID 19 disease. In such a challenging situation, it has become essential to be prepared for eventualities with an insurance plan for COVID 19.

A COVID 19 insurance plan, as the name suggests, covers the risk to life that arise due to Corona virus disease. It generally covers hospitalization expenses as well as home quarantine expenses related to the treatment of COVID 19 disease, some policies also offer death benefit. The inclusions and exclusions of COVID 19 insurance plan may vary from one insurer to the other and as per policy terms and conditions

With insurance plan for COVID 19 by your side, it will be easier for you to curb the financial load that may come upon being declared Corona virus positive. In case of your unfortunate demise, the family members will receive death benefit as defined under the chosen COVID-19 insurance plan or rider. This way, you can ensure that your loved ones will experience financial stability after you.

Also, the choice of a COVID 19 insurance plan should be based on your individual needs and affordability.  You are advised to know the perks of various COVID 19 insurance plans before buying one.

1. Short Policy Term

Most COVID 19 insurance plans or riders are available for a short tenure, depending on the chosen plan, you can choose from the tenure options available.

2. One-Time Premium Payment

Most of the COVID 19 insurance plans or riders are available online with one-time premium payment for the entire duration of cover. They do not have a renewal option available with them.

3. Short Waiting Period

Unlike other life insurance policies, the waiting period of COVID 19 insurance plans or riders is 15 days in most cases. Please check the policy document for further details.

4. Low Entry Age

Individuals above 18 years of age can buy most of the COVID 19 insurance plans or rider to receive its benefits and stay protected.

5. High Maturity Age

Many COVID 19 insurance plans or riders have a high maturity age. You can get COVID 19 insurance cover and benefits up to the age of 66.


How to Choose the COVID 19 Insurance plan or rider?

A COVID life insurance plan or rider can help you fight the battle against Corona virus infection, while also providing life cover. You can buy such a plan to ensure that you and your family get complete protection from various eventualities in life.

Here are a few things that you must consider while buying a COVID 19 insurance plan or rider:
 

1. Select a Renowned Insurer with High CSR

CSR or Claim Settlement Ratio or claims paid ratio of a life insurance company indicates the number of claims settled over those received in a year. The list of CSRs of different insurers is released every year by IRDAI (Insurance Regulatory and Development Authority India), which can be found online.

Being an interested COVID 19 insurance plan or rider buyer, checking CSR will help you know about the claim settlement process followed by an insurer. A consistently high CSR over a few years also means that you and your loved ones will find it easier to receive benefits under COVID 19 insurance or rider cover offered by your insurer.

The Claims settlement ratio or claims paid ratio R of Max Life Insurance for the period FY 2019-20 is 99.22%^.

^Source: Max Life annual audited financials 2019-120.

2. Select the Sum Assured Carefully

During the current COVID  19 time, you should know that death is not the only event for which you need a protective life cover. Getting the required treatment after contracting COVID 19 disease can also become the cause of financial worries for you. That is why you should also add buying COVID 19 insurance or rider to your financial planning checklist.

Furthermore, it is crucial to check the exclusive benefits of COVID 19 insurance plan or rider and select them as per your needs. The premiums payable for these plans are easily affordable, thereby making it easier for you to get financial protection against COVID 19 without burdening your pocket.

3. Do Not Delay Buying COVID 19 Insurance plan or rider

The outbreak of COVID 19 disease has been in the news for quite a long time Along with practicing social distancing and hygiene maintenance measures, you must also stay protected with COVID 19 insurance or rider

You never know from where this virus may reach you, making you fall ill and eligible to get the treatment. Buying COVID 19 insurance or rider will benefit you in the form of hospitalization/treatment cost coverage, along with additional death benefit.


How Does Max Life COVID19 Rider Benefit You and Your Family?

1. Under the COVID-19 rider, a specific amount is payable to you on diagnosis of COVID 19 disease. If the life insured is diagnosed COVID-19 positive, the rider pays 20% of Sum Assured as fixed lump sum amount which provides protection against the medical expenses incurred.

2. Nominee will also receive death benefit as specified in the policy document.  

3. COVID-19 rider offered by Max life is Max Life COVID19 One Year Term Rider (A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Rider) (UIN - 104B048V01) 

How to Buy a COVID 19 Insurance Rider?

With Max Life Insurance, you can easily buy COVID 19 rideraong with term insurance plan and other non linked products.

1. Select the Sum Assured

Visit the portal and click ‘Calculate Premium’ to start the process of buying COVID 19 rider. Provide basic details related to your age, smoking habits, income, and contact information.

2. Customize Your Plan

Select the term insurance plan variant as your financial needs.

3. Add Various Riders

You can get the option to add multiple riders, including Premium Waiver Benefit, Return of Premium, Critical Illness Benefit, and COVID 19 One Year Term Rider.

4. Accept the Quote and Pay Premium

Once you have the checked all the benefits and have chosen relevant sum assured and riders, fill some additional details and then pay the premium online.

COVID-19 FAQs

COVID-19 FAQs

✅ 1.Does my existing term insurance policy cover COVID 19 disease?

Yes. All the existing term insurance policies offered by Max Life Insurance will cover COVID-19 death claimsas per policy terms and conditions and under writing decision. Also, people who want to buy our term plans can add COVID 19 rider to get the Diagnosis Benefit and death benefit How can I buy COVID 19 rider online with Max Life Insurance?

To add COVID 19 rider to your term insurance plan, you need to first select a Non linked  life insurance plan with us and then add Max Life COVID 19 One Year Term Rider to it. Once you make the payment, you will be covered to get diagnosis and death benefit , once a short waiting period of 15 days from the date of policy issuance is over. 

✅ Are Home Quarantine Expenses Covered Under COVID 19 Insurance plan?

Most of the COVID 19 insurance plans cover expenses related to home quarantine when the insured is diagnosed with Corona virus infection. However, it is advisable to look into the inclusions and exclusions of the policy you buy.

✅ Does a COVID 19 Insurance Plan Have Waiting Period?

Yes. Most of the COVID 19 insurance plans come with a waiting period, from 15 to 30 days from the start-date of the policy. The waiting period may vary from one insurance company to another.Max Life COVID 19 One Year Term Rider has a 15 days waiting period

✅ Can I get cashless facility with COVID 19 Insurance?

This facility is subject to the insurance providers in India. In most cases, they offer reimbursement and cashless facilities to the policyholders. Still, it is crucial to check for these facilities before zeroing in on a COVID 19 insurance plan.

Max Life COVID 19 One Year Term Rider provides an upfront payment of the 20% of rider sum assured, if you have diagnosed COVID-19 positive, Subject to a Test report confirming COVID-19 is required from an “Authorized Test Center” to avail the benefits. Where Authorized Test Center means a laboratory which has been accredited / authorized by local authorities (viz.municipal, district level or state health departments) for COVID-19 testing.

✅ Are Max Life Branch offices operational?

Max Life branches are now open and sanitized to serve you, timings Mon-Sat; 9:30 AM-5 PM (2nd& 3rd Sat closed).

✅ What kind of precautionary measures are being followed to ensure my safety if I visit the branch office?

To ensure your safety, the below precautionary measures are being followed:

1. Mandatory thermal scanning of employees

2. Working with limited manpower in office

3. Continuous sanitization of all branches

✅ What safety guidelines do I need to follow while visiting the Max Life Branches?

While we encourage you to use the available digital platforms to fulfill any servicing needs, we request you to take the following precautionary measures when you visit:

1. Display your status on the Aarogya Setu App or kindly fill the self-declaration form at the desk, before entering the branch.

2. Allow us to check your body temperature and sanitize your hands before entering the branch.

3. Continue to wear your mask at all times.

4. You can drop your cheques and documents in the drop box outside the branch.

5. Ensure social distancing at all times.

6. Avoid sharing of documents and other stationery.

✅ Will my policy include COVID-19 claims?

For all death claims including term plans- Death claims caused due to COVID-19 are covered as per policy contract T&C. There is no such exclusion in policy contract.

For Critical Illness Rider/ Dread Disease Rider/ WOP Riders- These riders cover specified illnesses and COVID-19 is not included in the list. Hence claims for these specific riders will not be admissible.

Hospitalization benefit claim under Medicash/Medicash Plus/Healthy Family Floater plans- Hospitalization claims due to COVID-19 will be admissible as per applicable policy contract T&C.

Please note, all claims will be subject to our existing claim assessment practices.  

✅ How would I intimate claims during this lockdown period due to COVID 19 ?

During this Nationwide lockdown, we are accepting Claim intimations through emailand WhatsApp. Click http://bitly.ws/87yI to know about the documentation required and send the claim documents via email at claims.support@maxlifeinsurance.com. or WhatsApp at 9999199982. Since all courier services/postal services are impacted, we will be sharing all communications through SMS and email to keep you updated on the status of your claim.

✅  How would I know claims status?

You can check the status of your claim in the Customer Service section on our website. To check, click https://www.maxlifeinsurance.com/customer-service/claims-tracker. Alternatively, email us at claims.support@maxlifeinsurance.com

✅ What will happen to the claims already intimated and not decisioned yet ?

We are in the process of settling all the claims already intimated to us. In case of any queries, please write to us at claims.support@maxlifeinsurance.com

✅  Is there a delay in providing policy services due to the lockdown?

As per the Government directives of Nationwide lockdown amid COVID-19 outbreak and to ensure everyone’s safety, all our offices are closed and there might be a delay in providing the services. While we are trying our best to ensure all your service requirements are fulfilled on time, meanwhile you may visit our customer service section http://bitly.ws/866J for all your policy related needs, available to you 24*7 from the safety and comfort of your home.

✅  I cannot go out of my home due to the COVID-19 lockdown in my city, how do I get servicing done on my Max Life policy?

We encourage you to connect with us through our digital platforms from the safety and comfort of your home. For any Max Life related queries or servicing, we are available to you 24*7, through our range of digital servicing solutions. Click https://www.maxlifeinsurance.com/customer-service to know more.

✅  Where can I pay my policy premium?

You can pay your premium online through our website. Click https://www.maxlifeinsurance.com/customer-service/pay-online to pay now. To view the list of other premium payment options click https://www.maxlifeinsurance.com/customer-service/premium-payment-options

✅  What if I do not get any resolution to my query at the Customer Helpline ?

We are continuously working towards providing you the best of services. If your query is not resolved at the customer helpline to your satisfaction, please feel free to reach out to us on the below email id’s.
Level Name Contact Details
First Level Mr. Karan Mehra Karan.mehra@maxlifeinsurance.com
Second Level Ms. Charu Maheshwari Charu.maheshwari@maxlifeinsurance.com
Third Level Mr. Tarun Bahri Tarun.Bahri@maxlifeinsurance.com

 

We are continuously working towards providing you the best of services. If your query is not resolved at the customer helpline to your satisfaction, please feel free to reach out to us on the below email id’s.

First Level - Mr. Karan Mehra (Karan.mehra@maxlifeinsurance.com)
Second Level - Ms. Charu Maheshwari (Charu.maheshwari@maxlifeinsurance.com)
Third Level - Mr. Tarun Bahri (Tarun.Bahri@maxlifeinsurance.com)

✅  Why is it essential to submit all the records / documents as required by the company?

All claims are examined and settled by the company on the basis of information present in documents submitted by you in connection with the claim. It is advisable to provide complete information to us for faster and smoother claims processing.

✅  My premium payment is due, is there an extension to the Grace period ?

For premiums due in the month of Mar’20, the grace period has been extended till 31st May, 2020. For premiums due in Apr’20, the grace period has been extended by 30 days.

✅  How can I apply for surrender or cancellation of my policy during the lockdown?

You can send your request digitally for surrender or cancellation of your policy via WhatsApp at 9999199982 from your registered mobile number or email us at service.helpdesk@maxlifeinsurance.com from your registered email id.

✅  How to activate or deactivate my ECS or Credit Card Standing instructions (CCSI) without visiting the branch office?

You can visit https://bit.ly/2YGcTmG to activate the auto-debit option for paying your premium.

For deactivation of ECS or Credit Card Standing instructions , please write to us at  service.helpdesk@maxlifeinsurance.com from your registered email id.

  *Subject to policy terms and conditions. Issuance of policy subject to underwriting guidelines.

ARN: PCP/C19I/01

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