The coronavirus outbreak has spread to 70 countries and over 90,900 people have tested positive for COVID-19. The death toll is close to 3,200 -- primarily in China. In India, two fresh cases have reported, one each in Delhi and Telangana. Overall, five people have been detected to have contracted the virus in the country.
Considering the severity of the outbreak, the World Health Organization (WHO) has declared it a Public-Health Emergency of International Concern, which indicates that the virus should be taken seriously.
Previously, WHO had used "Public-Health Emergency of International Concern" for epidemics like H1N1 Swine Flu, Zika and Ebola. Now, scientists suggest that coronavirus spreads faster than SARS or MERS, so it is important to protect ourselves in every manner.
While one can take precautionary measures, it is important to ensure that your health insurance covers hospitalisation expenses in case of a deadly infection. Moreover, it is imperative to buy an adequate health insurance policy and a term insurance that protects your loved ones. And with term plan prices set to rise in the next few weeks, now is the time to secure your life with a term insurance policy.
Term insurance is a basic life insurance plan available in the market that offers highest life coverage at an affordable price. It will give financial protection to those dependent on in the form of a lump sum or staggered payments. One highlight is that term insurance plans cover those who die due to a communicable disease or an epidemic.
Premiums for term insurance products are expected to go up by 15-20 percent as reinsurance rates for term plans have been revised. Reinsurance premiums are paid by insurance companies for buying a cover against providing protection for large risks.
It is believed that the price rise is significant as term premiums have stayed more or less constant for the past five to six years.
Note:
Author Santosh Agarwal is Chief Business Officer of Life Insurance at Policybazaar.com.
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