Importance of insurance especially during a pandemic

Importance of insurance especially during a pandemic

New Delhi [India], September 9 (ANI/Mediawire):Insurance has always been a recommended instrument in financial planning. However, with the ensuing global pandemic, the importance of insurance is even more pronounced. Especially, a term insurance plan is paramount when it comes to:1.




The pandemic is not only a health emergency but also a financially challenging time. While the repercussions of Covid-19 can differ for everyone, the cost of the treatment can be expensive for most patients.

An average person who is hospitalized in Delhi for 14 days can end up paying up to Rs 2 Lakhs without a ventilator.

The costs for patients on ventilators are considerably higher. These costs are estimated figures that differ for private and public hospitals. However, these numbers provide a notable insight into the expenses that can arise out of the disease. Therefore, buying insurance is crucial at such times.

According to the Handbook of Indian Insurance and Statistics (2016-17, released by the IRDAI), only 328 million Indians had life insurance in India in 2017. This may seem like a considerable number, but here is how this data translates:The above statistics consider one policy as one unique citizen. However, considering that one person might hold multiple life insurance policies, the number of individuals not covered under life insurance is much higher.

Also, India has one of the highest ‘Protection Margins’ in the Asia-Pacific region. India has a protection margin of 92.2 per cent. That means if a family needs Rs 100 for protection in case of income-loss, they only have Rs 7.8 to cover it, leaving a gap of Rs 92.2.

Adequate insurance:1.



You can buy a suitable insurance plan with the click of a button. Trustworthy and customer-centric insurers like Aegon Life can help and guide you every step of the way to deliver a quick hassle-free process that secures you for life.

Keeping in mind the demands of Covid-19, Aegon Life iTerm Insurance plan offers various benefits.




1. Life cover till the age of 100.

2. Lump-sum payouts on the diagnosis of 36 critical ailments till the age of 803. Payout options like monthly, lump-sum, or both.

4. ‘Go Healthy’ benefit that provides preferential terms for people suffering from lifestyle-related issues such as hypertension.

5. AD Rider for enhanced protection in case accidental death.

The unique Quit Smoking benefit is another added advantage. Given the current climate, the need for a healthy and fit body is crucial. Coronavirus can have a detrimental impact on smokers. This can be a good opportunity to take advantage of such features, quit smoking, and ultimately enjoy a cover at reduced premiums from the second year.

Major highlights:1. Lump-sum payouts of up to Rs 5 lakhs on hospitalization 50 Lakhs Insurance Cover2. 4 plans based on life cover.

3. No medical test.

4. Deathhospitalization benefits.

5. Tax benefitsThe entire procedure of purchasing the Corona Insurance plan can be done from your home. Moreover, you can continue using the insurance plan even if you have used the COVID hospitalization payout.

Having established the importance of life insurance, it also essential for you to pick a plan that adequately covers all your needs. Both the Aegon Life iTerm Insurance plan and the Aegon Life COVID-19 Insurance plan are comprehensive policies that have been crafted to provide you ease, convenience, and hassle-free experience that can help in your hour of need and protect you against many adversities.

This story is provided by Mediawire. ANI will not be responsible in any way for the content of this article. (ANI/Mediawire)

Published at Wed, 09 Sep 2020 12:55:28 +0000