COVID-19 survivors may not receive life insurance policy immediately
People who have recovered from COVID-19 but continue to experience health issues may face obstacles while buying new life insurance policy. They will get life insurance cover but with a waiting period ranging from 1 to 3 months or even more depending on the severity of the infection, and subject to prevalent underwriting checks as required.
Many insurers such as TATA AIA Life, Exide Life have imposed a 3-month waiting period before issuing a policy to such survivors. These people will have to undergo medical tests before an insurer finally decides to issue the policy.
Karthik Raman, CMO & Head of Products, Ageas Federal Life Insurance, remarked, “Life insurers may ask additional questions and maybe slightly more vigilant in their decision if the individual has recently returned from an international trip, or is planning to travel abroad shortly, especially to a country which is severely affected by COVID-19.”
“As per global medical guidance, diabetes, lung diseases, other chronic diseases and so forth, make people most susceptible to the fatal Corona virus”, said Yusuf Pachmariwala, EVP & Head of Operations, Tata AIA Life Insurance. “For COVID-19 recovered cases who have co-morbid illnesses, additional checks/tests may be required for providing life cover. In all the cases detailed medical tests would be required at the underwriting stage,” he added.
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