As the impact of the third wave is yet to be studied completely, life insurers are taking a cautious "wait and watch" approach before deciding on raising premium rates.
Synopsis
There are many comorbidities which are becoming critical in case of covid infections and insurers have also increased their testing to identify such diseases while issuing new policies.
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Wait longer for new life and health insurance plans
It has become rather difficult to buy life or health insurance policies instantly for those who have recovered from the novel coronavirus. That is because many insurance companies require a cooling off or waiting period of one to three months if a covid survivor is applying for a health or life insurance policy. Further, you may have to go for additional medical tests as well.
Surabhi
Mumbai |
Updated on
March 12, 2021
The popularity of Corona Kavach and Corona Rakshak has also given another boost to sachet-size insurance products. - Getty Images/iStockphoto
The popularity of Corona Kavach and Corona Rakshak has also given another boost to sachet-size insurance products. - Getty Images/iStockphoto×
Companies designing targeted policies at premiums starting as low as ₹200
Amidst muted sales and low penetration, insurance companies are taking a leaf out of the FMCG playbook and introducing sachet-size products at low premiums to get more people to purchase cover.
The popularity of low-premium Corona Kavach and Corona Rakshak against Covid-19 has given a boost to sachet-size insurance products.
Updated Dec 21, 2020 | 20:31 IST
Due to the pandemic, it became difficult for individuals especially senior citizens to visit branches. To help with that, various companies launched technologies and innovative tech features Insurance companies are helping customers in times of social distancing via contactless services: Here s how
New Delhi: The coronavirus pandemic posed a high risk to the lives of people across the world, however, it also increased awareness around insurance in a country like India which still remains underinsured.
No doubt that the crisis has led to an increased demand for insurance, however, due to the pandemic, it became difficult for individuals especially senior citizens to visit branches and get access to products. To help with that, various companies launched technologies and innovative tech features, to cater to senior citizens and customer base in remote areas of the country.