Personal accident plans don’t cowl covid deaths

My brother and I had taken a house mortgage through which the mortgage protection coverage was finished by the financial institution. Unfortunately, my brother not too long ago handed away as a result of covid.

When I submitted a declare, the corporate denied the identical, saying that the coverage solely covers private accidents. Shocked by the information of my brother’s loss of life, my father additionally handed away not too long ago.

Now, I’m the one one left to maintain my household. Please assist.

—Neetad Baranwal

With a house mortgage, usually, banks insist on shopping for three merchandise i.e., private accident, residence insurance coverage and life insurance coverage. Covid deaths will likely be coated below a life insurance coverage plan.

You ought to test with the financial institution a few life insurance coverage product which will have been hooked up to the house mortgage. This will likely be issued by a life insurance coverage firm. You may additionally test your private home mortgage assertion for fees deducted for all times insurance coverage.

Separately, you could possibly test in case your brother and father had subscribed to the Pradhan Mantri Jeevan Jyoti Bima Yojana. This is a life insurance coverage scheme and pays a lump sum of ₹2 lakh to the nominee. Their financial institution statements would present a deduction for this premium.

The private accident plan solely covers unintended loss of life. Such a plan excludes any pure loss of life or loss of life brought on by sicknesses, similar to covid. Life insurance policy cowl all types of loss of life, pure in addition to unintended.

Abhishek Bondia is principal officer and managing director, SafeNow.in.

Subscribe to Mint Newsletters * Enter a legitimate e-mail * Thank you for subscribing to our e-newsletter.

Never miss a narrative! Stay related and knowledgeable with Mint.
Download
our App Now!!