Japan’s Life Insurers Make Adjustments for COVID-19

Life insurance companies in JapanLife insurance companies in Japan have recently taken new measures to manage COVID-19. First, many life insurance companies elected to accept claims for death due to COVID-19 under their accidental death benefit riders as an additional benefit. This is in addition to ordinary death benefit coverage to help with the crisis faced by so many insureds. Additional adjustments include:

  • In those parts of Japan where the numbers of available hospital beds decreased in line with the rapid increase in the number of people infected with COVID-19, life insurers agreed to the payment of hospital benefits for the insured receiving medical treatment. This is not just at a hospital, but also at home, or hotels, on the condition that the insured submit a doctor’s medical certificate or something similar.
  • Insurers have also expanded payment of outpatient benefits for online medical treatment, which has become popular. In a related initiative, Tokio Marine & Nichido Life Insurance Co., Ltd. Began offering its policyholders and insureds free online medical consultation services for a limited time with a strategic alliance partner known as MedicalNote, Inc.
  • Life insurers have also extended the grace period for premium payments on renewals in 2020 for up to six months. They have also temporarily reduced interest rates on policyholder loans to support the cash flow of corporations whose business is affected by COVID-19.


This information about life insurance companies in Japan is provided by Cornes & Company, Asinta’s employee benefits consulting Partner in the country.