After the ferocious second wave of Covid-19 pandemic that swept India in April-May, insurance companies have settled over 80 per cent of the health claims made so far. While a total of 19.11 lakh health claims related to Covid 19 have been made, over 15.39 lakh exceeding an amount of Rs 15,000 crore have been settled.

“Over 19.11 lakh covid health claims have been reported as on 22nd June as far as medical insurance or hospitalisation is concerned. While in terms of death claims, which is handled by the life insurers, about 55,276 claims have been intimated and nearly 88 per cent i.e., 48,484 claims amounting to Rs 3,593 crore have already been settled,” said T.L. Alamelu, Member (Non-Life), Insurance Regulatory and Development Authority of India (IRDAI) said at an Assocham event. 

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She added that the repudiated claim for health is just about 4 per cent and in life it is just about 0.66 per cent, which is negligible.

Alamelu also added that these figures showcase the opportunity available for insurers. The government’s flagship programme Ayushman Bharat has also boosted insurance coverage. Besides, there are other schemes including specialised state schemes. Despite this, there are many people who still are not covered by insurance.

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“Now we are grappling with the problem that most of these people have spent good amount of their savings, it has even taken down many below the poverty line, they have gone into debts, sold up their assets, pledged their jewellery and have been pushed back to worst times,” she said, adding that the insurance industry and the regulator have been jointly working to design new policies to cater to the demands of new and unprecedented situation. “We have also eased some processes and procedures to make it easier for servicing the policyholders.”