Page 13 - Insurance Times April 2021
P. 13

Private Life Insurance                                                     News

         COVID-19 survivors may             most susceptible to the fatal Corona  Single Pay or go for Regular Pay Equal
                                            virus", said Yusuf Pachmariwala, EVP &  to policy term or opt for a Limited Pay
         not receive life insurance         Head of Operations, Tata AIA Life  of 5 years and 10 years. In case of the
         policy immediately                 Insurance. "For COVID-19 recovered  death of the Life Assured due to an
         People who have recovered from     cases who have co-morbid illnesses,  Accident during the Rider Term, an
         COVID-19 but continue to experience  additional checks/tests may be   amount equal to the Rider Sum
         health issues may face obstacles while  required for providing life cover. In all  Assured is payable. This amount will be
                                            the cases detailed medical tests would  in addition to the death benefit under
         buying new life insurance policy. They                                the Base Policy.
         will get life insurance cover but with a  be required at the underwriting
         waiting period ranging from 1 to 3  stage," he added.                 Aegon Life Saral Jeevan Bima is a
         months or even more depending on                                      standardised simple term insurance
         the severity of the infection, and Aegon Life Insurance               plan as per the IRDAI's mandate to all
         subject to prevalent underwriting  launches Aegon Life Saral          insurers to launch a standard term
         checks as required.                                                   insurance plan.
                                            Jeevan Bima                        "The introduction of Saral Jeevan is a
         Many insurers such as TATA AIA Life,
                                            Aegon Life Insurance has officially  significant move by the IRDAI with
         Exide Life have imposed a 3-month
                                            announced the launch of its latest life  standard coverage with affordable
         waiting period before issuing a policy
         to such survivors. These people will  insurance product - Aegon Life Saral  premiums. This will not only help
         have to undergo medical tests before  Jeevan Bima which allows flexibility to  improve insurance penetration, but its
         an insurer finally decides to issue the  the customers to adapt the policy on  availability on digital platforms will
         policy.                            the basis of their needs. In this online  help in advocating online insurance
                                            policy, the customers will be provided  buying as simple, transparent, and
         Karthik Raman, CMO & Head of       the benefits of hassle-free processing  hassle-free",  said  Satishwar
         Products, Ageas Federal Life
                                            with minimum financial and medical  Balakrishnan, MD & CEO, Aegon Life
         Insurance, remarked, "Life insurers                                   Insurance.
         may ask additional questions and
         maybe slightly more vigilant in their  Aegon Life Saral Jeevan Bima is a  Exide Life Insurance
                                            simple insurance policy which will pay
         decision if the individual has recently  the nominee a fixed amount after the certified as Great Place to
         returned from an international trip, or
         is planning to travel abroad shortly,  policyholder's death during the policy  Work
         especially to a country which is   term. It can be bought by any      Exide Life Insurance Co. Ltd. has
         severely affected by COVID-19."    individual aged between 18 to 65 years
                                            with a sum assured of Rs. 5 lakhs to Rs.  recently been been certified as a Great
         "As per global medical guidance,   25 lakhs and cover period ranging  Place to Work by the Great Place to
         diabetes, lung diseases, other chronic  between 5 years to 40 years. One can  Work® Institute. The acknow-
         diseases and so forth, make people  make premium payment either as a  ledgement comes at a time when the

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