Page 13 - Insurance Times April 2021

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.
requirements.
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

The Insurance Times, April 2021 13