“Planning to support your loved ones even when you are not there, is the real sense of responsibility.”
Impact of Pandemic – Covid crisis comes last year unannounced & being prepared ourselves for it is the best prevention. However, even with a year of planning & preparations, the second wave of corona pandemic has brought the country to its knees.
In the middle of everything, to have extra protection, getting a health insurance cover is the priority for most. Industry experts say it is important to purchase not only health insurance but also secure yourself by taking term insurance that covers the policyholder’s dear ones in the event of his/her unfortunate demise.
Effect on Insurance Products – The burgeoning number of casualties due to the pandemic and the co-morbidities amongst individuals has strained reinsurers that are struggling to manage their losses. To account for such losses a hike in premium by reinsurers puts a strain on life insurers as well which may affect the premium prices. In times to come, Indians will have a changed outlook when it comes to protection cover, on the positive side.
Common Issues faced by Term Life Insurance Buyers – When it comes to life insurance, the main goal is to have financial protection. Life insurance plans are one-of-a-kind in terms of the benefit and the sense of financial stability it offers. Term insurance is unique, person buying is usually faced with a number of issues such as:
- The tenor of cover: what should be the coverage duration? It is one of the main deciding factors for buying term insurance. It is recommended to take cover for the entire duration of your working life. So if you are 32 years and intend to work till 60, take a cover for at least 28 years.
- No acknowledgement from the insurer: Sometimes even after the payments are made, customers do not hear from the company. As a rule, if the premium has been paid, the customer is supposed to receive the insurance policy within 15 days from the date of issuance. If this is not done, then the customer can take legal action against the company. Get in touch with the company representative if such a situation arises.
- Delay in issuance of policy: The insurance company may require you to submit medical proof or get a medical test done at the time of policy issuance. Once the payment is made, the customer gets a call in 7-15 days for medical tests. If you do not get a call from your insurer after seven days of making a payment, we suggest you get in touch with their company representative and brief them about the situation to expedite the procedure.
- Coverage: In term insurance plans, one can only avail coverage against untimely death and there is no maturity benefit provided. Some term insurance plans also provide an option to return all the premiums paid at the end of the policy term on survival. A person should carefully check which plans to suit him.
- Premium and Customer Support: Only the risk of untimely death is provided for by term insurance products. This is why term plans have premiums that are incredibly low and affordable. At competitive premiums, you can purchase high sum assured covers. A person should compare rates and decide on his own. Further, a person should be aware of customer support provided by insurance companies.
ZIMYO’S GROUP TERM LIFE INSURANCE PLAN
As discussed above, Post covid pandemic insurance companies are planning to increase their premiums substantially further Insurance companies are not taking customers having CTC of less than 5 lacs P.A. – To such employees, we are not only offering but that too at a very discounted rate.
Following are the features of Group term life insurance plan on Zimyo’s platform:
- More than 20% discounted rates on Premium, as Zimyo is offering Group Plan rates
- Physical Medical Checkup not required – Only Health Declaration required
- An easy & hassle-free fully digital buying process
- No Extra Documentation is required
- Best Claim Settlement Rate in the market
The aim is to provide life cover benefit to employees with the best-in-class products with uncomplicated applications in the digital realm.
Also Read: Income Shield Insurance: Why Is It a Need Of The Hour?
