All life insurance and health insurance companies have been adopting the policy of waiting for a certain period before issuing the policy to the people suffering from certain diseases. Now people with corona infection have also been included in this sequence.
life insurance companies (Life Insurance Companies) has made a provision for a waiting period of up to three months for people who have been cured of Coronavirus infection to take a new insurance policy. All life insurance and health insurance companies have been adopting the policy of waiting for a certain period before issuing the policy to the people suffering from certain diseases. Now people with corona infection have also been included in this sequence. For this, they will have to wait for one to three months to get a new policy. However, this provision is applicable only for life insurance policies.
Insurance industry experts say that the condition of giving life insurance policy to people who have been cured of corona infection only after three months has been made because the rate of people dying due to corona infection is very high.
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Insurance companies were also demanded to bring corona virus infection cases under standard waiting period norms. This period ranges from one to three months. Insurance Brokers Association of India (IBAI) President Sumit Bohra said that Indian insurance companies do not have the ability to cover all risks. Therefore, most insurance policies above Rs 10-20 lakh are reinsured and hence a waiting period has been made in case of corona infection.
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Karthik Raman, Product Head, Aegis Federal Life, said, “Term insurance plans are reinsured by life insurance companies and such provision has been made keeping in view the experience of insurance claims in the last two years. We need to implement this rule with immediate effect. He said that insurance companies have already been keeping waiting period in case of many diseases and now corona infection has also been included in the same list. He said that this provision is adopted by insurance companies not only in India but all over the world.