Is COVID-19 vaccination mandatory for buying insurance?
Buying an insurance policy is going to be difficult in some cases for those who have not yet been vaccinated against the COVID-19 virus, according to experts. While different companies have varied norms for issuing insurance at the current moment, some companies are asking for mandatory COVID-19 vaccination to ensure consumers are sufficiently protected against the virus. For example, as Indraneel Chatterjee, co-founder RenewBuy.com said that companies like Max Life and Tata AIA are now asking for mandatory Covid-19 vaccine certificates for buyers of term life insurance. Max Life is issuing term covers to people over the age of 45 only if they can produce their final vaccination certificates. Reliance General Insurance is also offering up to a five percent discount to customers who have been vaccinated and want to purchase health insurance, Chatterjee said. Tata AIA is issuing policies, irrespective of age, only to those who have received their first shot. Though some companies have still not made it mandatory, according to Yashendra Sharma Sr. Vice President - Employee Benefit at Alliance Insurance Brokers, there is a possibility that the mandates might change in the times to come and most insurance companies make vaccination compulsory. Thus, it is best suggested that consumers take the vaccination as it might help them in avoiding the hassles of buying a new insurance policy, Sharma stresses. Also, it is advisable to get oneself vaccinated to ensure that ones health and well-being are protected amidst the COVID-19 waves. According to Sudha Reddy - HEAD - Health and Travel at Digit Insurance, a lot of health insurers are also incentivising customers who have completed the vaccination schedule through premium discounts, quick approvals of the policy, etc. Now health insurance companies are working to capture the vaccination information at the time of policy issuance, as this will help in quick policy issuance decisions, especially for the elder age group, Reddy said. Vaccination cannot guarantee one of not contracting the virus in the future, Reddy adds, however, it can definitely lower the intensity of the infection and may significantly lower the chances of hospitalisation with ICU care/ventilator support. "A vaccinated pool of clients assures that severe symptoms and mortality from COVID-19 are reduced, lowering insurers' possible loss ratios," said Reddy. Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.