InvestorQ : Is it mandatory to get vaccinated before buying term life insurance?
Swapnil Sarang made post

Is it mandatory to get vaccinated before buying term life insurance?

Answer
image
Rohan Bhadani answered.
1 month ago
Follow
Recently in a news, Max Life and Tata AIA have asked its customers of term insurance plans to mandatorily provide covid-19 vaccine certificates. Soon, this move will be followed by other insurers as well such as LIC, Bajaj Allianz, etc. The insurance companies are issuing term cover to those above 45 years of age, only after looking at their vaccination certificates. 

Now, the question arises how will it affect the insureds? Soon after the outbreak of the pandemic, the insurance premiums have already sored up making a hole in the pockets of general people. This move would be depriving people of term insurance just because they are not jabbed. Insurance companies are taking these steps to protect themselves against the huge losses they could suffer due to claims raised towards covid-19 deaths. 

However, every individual in the country can't get jabbed within 1 or 2 months. This entire vaccination process would take time, and until then, many would be deprived of basic insurance. This could create distrust among the people towards insurance products, as insurance is seen as a savior and not as a troubler. If taken positively, this move could also compel people to get vaccinated as soon as possible.
6 Views