Insurance companies make COVID-19 vaccination mandatory for term life insurance: Report

Only 18.95 crore have taken their first shots, and 4.66 crore people have taken both doses of a COVID-19 vaccine, according to the Union health ministry's latest update.(Representational image)

Max Life and Tata AIA are asking for COVID-19 vaccinations for those purchasing term life insurance, a move influenced by similar measurers by some global insurers.

Max Life is issuing term life insurance covers to individuals aged above 45 only after producing final COVID-19 vaccine certificates, The Economic Times reported. Tata AIA is giving policies only to those who have received at least one dose, across all age groups.

Also read: COVID-19 vaccination soon a must for life insurance

"To ensure the highest degree of financial protection to our policyholders, we ensure their interests are protected at all times," a Tata AIA spokesperson told The Economic Times.

"Our practices and policies reflect emerging realities. We continue to stay consumer-focused as well as prudent in our practices," the spokesperson said.

Max Life did not comment when contacted by the paper.

Also read: Got the COVID-19 jab? Health insurers may offer discounts on premiums

This policy means that many who have not yet taken the vaccine will be unable to buy term life insurance.

Only 18.95 crore have taken their first shots, and 4.66 crore people have taken both doses of a COVID-19 vaccine, according to the Union health ministry's latest update.

Max Life spokesperson, however, said the company "continues to issue new term life policies to those who have not received the Covid 19 vaccine."

Note: The article has been updated with the response from Max Life