Monday, May 23, 2022

If you want term insurance, show the Vaccination Certificate, insurance companies have made strict rules

Covid Vaccination: In the midst of the second wave of Corona epidemic, it is no longer easy to take insurance. Many insurance companies have now put the condition of vaccination for term insurance, if there is no vaccination then term insurance will not be available. In fact, in the second wave of Corona epidemic, there has been a tremendous increase in the claims of insurance companies, so insurance companies have tightened their risk management. Therefore, now any common man will have to make a little effort to get term insurance. 

Show vaccination certificate if you want term insurance

Insurance companies like Max Life and Tata AIA have started compulsorily asking people for vaccination certificates while taking term insurance. According to a report published in The Economid Times, Max Life is selling insurance policies to people above 45 only when they are giving the vaccine certificate. Similarly, Tata AIA is also issuing policy to people of all age groups only after at least one vaccine dose. 

Insurance companies like ICICI Prudential, Tata AIA and Aegon Life have also kept a cooling off period of 7-15 days after vaccination. Where the new policy application is being temporarily postponed. An ICICI Prudential spokesperson told ET that it has been seen many times that some people develop hypersensitivity or other reactions after getting the Covid-19 vaccine.

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Insurance companies respond 

A Tata AIA spokesperson told The Economid Times that in order to ensure the highest level of financial security to our policyholders, we ensure that their interests are protected at all times. The spokesperson said that our policies reflect the emerging realities. We remain consumer-centric as well as prudent in our actions. Although Max Life has not given any comment on this issue yet. That is, companies are not giving term insurance to those people who have not taken the vaccine dose. 

Tightened risk management 

In fact, due to the Corona epidemic, almost all companies have tightened the rules of underwriting, in the second wave of Covid there has been a tremendous increase in the claims of life insurance companies. Companies are now making their risk management more strict. Because of this, if people are Covid-19 negative even through home isolation, then they cannot buy a term insurance plan from any insurance company for 3 months. Apart from this, instead of telemedical, companies are now emphasizing on full medical test for term insurance. 

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