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Finance

Getting Coverage Against Side Effects of the COVID-19 Vaccine

2021 is off to a good start as the COVID-19 vaccine is being rolled out across many countries. In Singapore, healthcare workers have already begun receiving their doses as the rest of the masses await their turn. While the availability of a vaccine is indeed a positive development, there have been reports of people experiencing side effects. In response to this, the Life Insurance Association (LIA), Singapore has announced that all seven leading insurers in the country will cover these side effects in their Integrated Shield Plans. Apart from this, insurers in the country have also launched unique COVID-19 vaccine insurance products for added coverage too. 

What are the side effects of the COVID-19 vaccine?

Some of the reported side effects of the COVID-19 vaccine include fever, chills, headache, pain in the joints, and swelling in the lymph nodes. In most cases, the symptoms tend to lessen on their own. In some cases, side effects may require hospitalization. Fortunately, you can now stay financially protected against the possibility of complications arising upon receiving your vaccination. Let’s find out more about COVID-19 vaccine coverage.

COVID-19 vaccine coverage

Even though the side effects of the COVID-19 vaccine are covered under your Integrated Shield Plan, you may also opt to buy additional COVID-19 vaccine coverage. COVID-19 vaccine insurance covers you for hospitalization expenses that may arise if you suffer from any side effects due to your vaccine. As part of your coverage, you will usually get a daily cash allowance if the side effects lead to hospitalization. This amount might be around S$100 per day for a fixed number of days. 

COVID-19 vaccine coverage can be purchased by anyone aged 18 years or above. Singaporean citizens, Permanent Residents (PR), and Foreigners holding valid passes are all eligible for coverage. 

Most importantly, some insurers are offering their COVID-19 vaccine insurance plans free of cost the first initial sign-ups. This is added incentive to get your protection as soon as possible. Once you sign up, your coverage should be valid until January 2022. 

How to buy COVID-19 vaccine coverage?

These days, the entire process of buying insurance has been simplified to a great extent. In Singapore, you can buy coverage from insurance websites or even on health and wellness apps. You can also get your COVID-19 vaccine insurance from these apps. All you need to do is download the app, register yourself, and fill up your details to secure yourself with a policy. COVID-19 vaccine insurance coverage does not even require any underwriting to be done. 

While it is not mandatory to take the vaccine, ensuring that you get your dose can be considered to be good practice. The vaccine can help keep you and those you love safe from infection. If each one does their part in staying safe, it will help keep infection rates low in the community at large. That, in turn, will reduce the burden on healthcare systems and lessen the risks faced by vulnerable groups of the population (such as the elderly and those with existing medical conditions). 

We hope that this article has improved your understanding of getting insurance coverage for the side effects of the COVID-19 vaccine. Do speak to your healthcare provider for further information on getting your vaccination. Take care. 

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Finance

Planning To Buy a Life Insurance Policy? Here’S What You Need to Know

Are you thinking of buying a life insurance policy but don’t know where to get started? Don’t worry; this article will help you understand everything you need to know before you make the decision of buying one. Keep reading.

The demand for life insurance has increased a lot in the past few years. For most policyholders, it is a step in the direction of securing their family’s future and well-being. Most importantly, it gives them peace of mind to know that their family always has a strong Plan B to fall back upon.

While many people are getting interested in buying a life insurance plan, they often face trouble getting started. With so many companies offering so many types of plans and so many advertorials promising the best plan, it can become overwhelming to make a decision. Let’s look at a few key things people need to know before buying a life insurance plan.

What is a Life Insurance Policy?

A life insurance policy is a contract between the insured or the policyholder and the insurer. The insurer promises to pay a certain sum or give some specific benefits to the policyholder’s family in case of death or upon maturity of the policy as per pre-set terms and conditions. The insured, in return, pays a premium either in a lump sum or at periodical intervals such as monthly, quarterly, or annually. 

The Coverage of the Policy

When buying a life insurance policy, it is essential to choose the right coverage. This is the amount the insurance company pays to the family of the insured in case of death or maturity of the policy. While selecting the right coverage, it is essential to ask yourself a few key questions-

  • How financially dependent is your family on you? 
  • Monthly expenditure your family will need to maintain their lifestyle?
  • Do you have any retirement savings or emergency funds that can support your family? 
  • Any upcoming big expenditure, such as your child’s higher education, marriage, etc.?
  • Your current liabilities such as home loan, car loan, etc.?

Types of Life Insurance Policies 

There are many types of life insurance policies that you can buy based on your specific needs. Some of the most popular types of plans are-

  • Term Plans
  • Whole Life Insurance Plans
  • Endowment Plans
  • ULIPs
  • Child Insurance Plans
  • Retirement Insurance Plans

It is important to choose the right plan based on your needs and other factors. While some plans only come with a death benefit, others offer both death and maturity benefit. However, the more the benefits, the higher will be the premium. Some plans, such as ULIPs, also offer the dual benefit of insurance and investment in one plan. Choose one after ascertaining your needs and budget.

Paying the Premiums

While buying an insurance plan, you can select the premium frequency as per your budget. You can choose between-

  1. Lump-Sum Payment
  2. Annual Premiums
  3. Quarterly Premiums
  4. Monthly Premiums

Inclusions and Exclusions of the Policy

While buying a plan, it is essential to deep dive into the inclusions and exclusions of the policy. The list of inclusions will explain when the insurance company will have to honor the contract with the insured. On the other hand, some events are defined as exclusions in the policy, and the insurance company can deny claims to the insured’s family. Some of the popular types of exclusions are-

  1. Death caused due to consumption of alcohol or illegal drugs and other such abusive substances.
  2. Death caused by suicide.
  3. Death caused due to a pre-existing illness.
  4. Death caused by any habit that was concealed at the time of buying the policy, such as smoking. 
  5. Death caused due to committing a criminal activity.

It is essential to understand the policy document carefully before signing up for one. While some exclusions can be covered by purchasing an add-on, a few such as suicide or the use of abusive substances can’t be covered.

Lastly, Choose the Right Company

One of the most important things to keep in mind while buying life insurance is the quality of the insurance provider. A company with a strong track record, a high claim settlement ratio, good reviews is more likely to honor the policy when the time comes.

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Finance

PUC is now mandatory for renewal of car/bike insurance?

Just like your car or bike insurance policy document, PUC (Pollution Under Control) certificate is another very important paper you should have in your vehicle at all times. You need to get a PUC certificate and renew it regularly in order to legally ride/drive your vehicle on Indian roads. If you are caught without a valid PUC certificate for your car or bike, then you could have to pay fines up to Rs. 10,000 and/or even face jail time of up to 3 months.

Despite this legal mandate and the repercussions of not abiding by it, many motorists still ply they’re without a valid PUC certificate. You would think that cost could be a major reason behind this – people are not getting their PUC done because they cannot afford to do so! However, this is not true – getting your PUC will cost you less than Rs. 100! Even with such a nominal fee several individuals fail to meet their PUC requirements.

What can be done to change this?

PUC is carried out to ensure motorists are in compliance with the air pollution norms in place. However, if everyone does not keep their PUC up to date, we could have a lot of vehicles that are not within the pollution norms. This could lead to deteriorating air quality levels.

Keeping this in mind, the Insurance Regulatory and Development Authority of India (IRDAI) has passed a mandate via a circular issued in August of 2020 stating that one cannot buy or renew bike or car insurance without a valid PUC certificate. Along with this, the circular also states that damages will not be covered if the car does not have a valid PUC certificate when the accident occurs.

What does this do for PUC?

If you do not have PUC, when you cannot buy or renew your car/bike insurance plan. If you get caught riding or driving without a PUC and a valid motor insurance policy, the combined fines could set you back as much as Rs. 12,000 – even more if you are caught a subsequent time. Not only that, in case of an accident, you might have to pay the fines and also cover substantial repair costs. In case you injure or damage someone else’s property as well, then you will have to provide compensate out of your pocket! 

All this highlights the importance of having a good bike/car insurance plan. Without it, the perils of the road could bring you a huge financial setback. And, in order to get insurance coverage, you now need to have a valid PUC certificate. It’s a move that will hopefully increase compliance with road regulation to make our roads safer and less polluted as well. Remember, the cost of PUC and motor insurance is very nominal as compared to the fines & potential expenses of not having these two important documents.

We hope this has been helpful for you, good luck and remember to ride/drive safely!