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Does Life Insurance Cover COVID-19?

Apr 17, 2020 | 3 months ago | Read Time: 3 minutes | By iKnowledge Team

Every few minutes there is a big flash on the screen, some new statistic about coronavirus. This flash leads to conversations on multiple levels – like voice, text, WhatsApp, yelling from one balcony to the next, etc and which will cover the entire globe. What is happening in India? What’s the new strategy in the USA? How is Italy doing? All these questions are always on our minds.

Good Question(s) to Ask in Uncertain Times

But yesterday, I got asked a really important question by a dear friend. The question was “Will my life insurance pay out to my family if I die due to Coronavirus”. He just wanted to be sure that his death claim would not be declined due to any “global health crisis” or “act of God”.

Well, the simple answer here would be YES. But we wanted to go above and beyond 😊

So, we put together a set of questions regarding life insurance and coronavirus, ran them past our panel of experts and here are the results:

FAQs on Coronavirus & Life Insurance Covers

1. Does Aegon Life Insurance cover death from a global health crisis like Covid-19?

Answer: Yes, Aegon Life Insurance plans cover claims arising from all forms of death. Apart from that we also cover you against 36 critical illnesses.

2. Can I still buy life insurance during the COVID-19 pandemic?

Answer: Yes, you can buy life insurance anytime, from the comfort of your home. The issuance of the policy will be subject to medical tests and underwriting. We also have a range of Guaranteed Returns Plans where there is no medical test required.

3. Can I get coverage if I recently traveled to or plan to travel to China, Italy or other affected regions?

Answer: Yes, you can get life insurance, but it will be subject to underwriting guidelines.

4. Are life insurance premiums going up as a precaution?

Answer: No, there is no increase in premium rates due to Covid-19. The premium rates are based on your health, age, risk cover selected and overall well-being. We provide level premium rates, which remain fixed for the entire policy term.

5. Can I still get instant, no medical exam life insurance coverage?

Answer: We have a range of Guaranteed Returns Plans where there is no medical test required.

6. Are you still performing life insurance medical tests?

Answer: For savings plans, we have Non-Medical limits up to which proposals do not require medicals. Proposals within Non-Medical limits may be processed without medicals subject to underwriting. For Term plan, medicals are required which can be completed once the lockdown is over.

7. If I don’t feel comfortable taking a medical test at this time, can I take it later?

Answer: Even we are concerned about our customer’s safety. Medicals will be arranged once local authority (where customer stays) allows us to conduct the same.

8. If I’m sick should I take a medical exam?

Answer: We advise customers to take medical treatment and get cured before applying for insurance cover.

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iTerm Plan

Life Insurance Plan with 3 Options to Choose from

  • Life Protect (Life cover till age 100 years)
  • Protect Plus (5% Automatic Increase of life cover)
  • Dual Protect (Protection + Regular Income)
iTerm Plus Plan

Life Insurance Plan with 4 Options to Choose from

  • Life Plan
  • Life Plus Plan
  • Life & Health Plan (10 Critical Illnesses covered)
  • Life & Health Plus Plan (36 Critical Illnesses covered)
iInvest Plan

iInvest Plan with 3 Options to Choose from

  • Increases Your Investment
  • Boost Your Fund Value
  • Withdraw Your Investment
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