Term policy gives protection only in case of any untoward incident.
Term insurance will not be available without the Vaccination Certificate. Max life and Tata AIA have started this rule.
New Delhi. Insurance policies are a great financial support for the family at the time of crisis or mishap. Therefore, the demand for the products of insurance companies has increased tremendously during the Corona period. But in view of the deaths and claims due to the coronavirus epidemic, now insurance companies have started demanding Vaccination Certificate on buying a term insurance policy.
Max life and Tata AIA have started this. It is expected that other life insurance companies may also make it mandatory. Max Life Insurance Company is issuing term policy to only those people above 45 years of age who are presenting certificate of getting both the vaccines. However, Tata AIA is issuing the policy to those people who have got the first dose of the vaccine. He has also not set any age limit.
This is the reason
There is a special reason for putting such a condition in issuing a new term policy. In fact, reinsurance companies like Munich Re and Swiss Re want the policyholder to be vaccinated to reduce the insurance cost. This will help in controlling the number of claims. It is worth noting that these companies are the biggest underwriters of risk of domestic insurance companies.
Companies claim: Vaccination certificate is not necessary, just giving advice to people
According to the news published on the Economics Time website, a spokesperson of Max Life said that the company is issuing a term policy even to those people who have not got the corona vaccine. Responding to a query, a Max Life spokesperson said, “We have not made certificate of vaccination mandatory for issuance of term insurance to our customers.
We are dedicated to the well-being of our customers and to protect them. I recommend myself and my family to get the vaccine. At the same time, a Tata AIA spokesperson said, “We strive to provide the utmost protection to our policyholders by ensuring that their interests are fully protected at all times.” He said that our methods and policies are in line with the new conditions.