Only 14% had taken life cover in the deaths due to Covid, insurance companies are also taking precautions in selling the policy

Due to the increase in corona cases and deaths due to this, insurance companies are now taking precautions and some of them have started asking for vaccination certificates and medical examination has also been tightened.

Covid Insurance Claim: What is the status of insurance coverage in the country, it can be gauged from the fact that claims were claimed in less than 15 percent of the deaths due to corona. Due to Corona epidemic, 3.91 lakh people have died across the country. However, out of this, only 14 per cent i.e. 55,276 deaths have received insurance claims. With this, the bad condition of life insurance coverage in the country can be gauged.
According to L Alamelu, Member (Non-Insurance) of Insurance Regulatory and Development Authority of India (IRDAI), 44,484 claims worth Rs 3593 crore have been settled in these 55,276 claims, about 88 per cent. On the other hand, till June 22, the insurance companies have settled about 80 percent or more than 15.39 lakh health claims, which were claims of more than Rs 15 thousand crore. According to Alamelu, when it comes to medical insurance or hospitalization, till June 22, more than 19.11 lakh COVID health claims were made.

A single dose of corona vaccine is 82% capable of preventing death, 95% protection from full vaccination: ICMR-NIE Study

Better opportunities for insurance companies

Addressing an ASSOCHAM event, Alamelu said that these figures show opportunities for insurance companies. However, at present, companies are also grappling with the problem that most of the people have spent a large part of their savings. Even the people below the poverty line have spent a large part of their savings and many people have become indebted. They have sold their properties and managed the money by mortgaging even the jewellery.
The insurance industry and the regulator together designed the new policy according to the needs of the people amid the situation arising out of the corona epidemic and the process was also simplified. In the last financial year 2020-21, the insurance industry for life and non-life grew at the rate of 9 percent and in the current financial year 2021-22 during April-May, it registered a growth of 17 percent.

Bank Holidays: Banks will be closed for 15 days in July, make your planning by looking at the list of holidays here

Companies taking precautions due to Corona

• Due to the increase in corona cases and deaths due to this, insurance companies are now taking precautions and some of them have started asking for vaccination certificates and medical examination has also been tightened.
• Policybazaar.com head (term insurance) Sajja Praveen Choudhary says that there is no clarity about the health condition after recovery from corona, so companies are careful in selling policies to such people. People who have recovered from corona may take time to buy a term life insurance policy as companies are being careful in selling this policy to those who or whose family has had a corona patient in the last six months.
• According to Subhrajit Mukhopadhyay, executive director of Edelweiss Tokio Life Insurance, insurance companies are taking precautions due to Corona, but people are not trying to get out of their homes and get medical tests done. In such a situation, insurance companies are facing difficulties in selling policies without assessing the risk in the absence of new medical reports.
  (Source: Indian Express)