COVID-19 survivors may have to wait for long before buying life insurance cover; here's why

India is in the midst of a third wave of COVID-19. For the past few weeks, cases have skyrocketed. Given the lack of clarity and uncertainty around the after effects of new COVID-19 variant Omicron, getting a term life insurance policy might take a bit more time for those who have recovered from COVID-19.

A term life insurance policy covers life for a huge amount for a very small premium and in such policies underwriters across the world have been cautious for ages now in case of any medical condition that has occurred in the 6 months preceding the application for a policy, said Sajja Praveen Chowdary-Head Term Life Insurance at Policybazaar.com.

"Pre-COVID, the number of people who had any medical condition with themselves or family members in the past 6 months would have been small. But, given the way Omicron cases have been this number has automatically moved up now because many have/family members have turned positive in the recent days. As a result, the proposal for term insurance gets into the zone of scrutiny where additional medical tests are asked for or might get postponed for 3 months," Chowdary said.