The second wave of Corona, there has been a tremendous increase in the claims of life insurance companies. In such a situation, now companies are tightening their risk management. Companies have implemented new rules by tightening risk management to avoid a surcharge of claims. Under which even if you are Covid-19 negative even through home isolation, then you cannot buy a term insurance plan from any insurance company for 3 months. Apart from this, instead of telemedical, companies are now emphasizing complete medical tests for term insurance.
telemedical now closed
Let us tell you that earlier companies used to take information from the insurance buyer about his medical history and health over the phone itself. In such a situation, some people hide their medical history and apply claim soon after buying insurance. The burden of this has to be borne by the insurance company.
In such a situation, it has become very strict for the common people to buy a pure protection plan i.e. term insurance plan. Because almost all companies have tightened the rules of underwriting.
Buying a term insurance policy is not easy
According to the new rules, the policy will not be sold to any type of Kovid patient till 3 months after recovery. For the new policy, the emphasis will be on medical tests instead of telemedical. Reinsurance companies have also increased the risk of term portfolios.
Why were the rules strict?
Some companies have also added vaccination-related conditions for term insurance. That is, if you have taken the corona vaccine, then only you will be given the policy or else not. Or if you will be given a policy, then the company may charge more premium than you. Companies have tightened risk management to avoid the burden of claims.