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Covid-19 insurance claims at Rs 280 crore; more than 18,100 claims received so far

The Insurance Regulatory and Development Authority of India (Irdai) has said insurers can offer Covid-19-specific short-term health policies both as individual or group products.

Covid-19 insurance claims at Rs 280 crore; more than 18,100 claims received so far
Short-term policies may be issued for a minimum term of three months to a maximum term of 11 months.

Insurers have received more than 18,100 claims for an amount of Rs 281 crore for the treatment of Covid-19 so far, according to industry executives. At 8,950, the number of claims is the highest from Maharashtra followed by the NCR (National Capital Region) at 3,470, as on June 19, 2020.

The average ticket size for a novel coronavirus claim is Rs 2-2.5 lakh in urban areas and Rs 50,000-75,000 in semi-urban or rural areas. Where the condition of patient is serious and he has been admitted to the intensive care unit (ICU), the claims are in the range of Rs 6-8 lakh.

Officials at insurers point out the amount claimed has not been very high relative to the number of persons hospitalized, because in many states like Kerala and Telengana, large numbers of patients have been treated in government hospitals free of cost.

The Insurance Regulatory and Development Authority of India (Irdai) has said insurers can offer Covid-19-specific short-term health policies both as individual or group products.

Short-term policies may be issued for a minimum term of three months to a maximum term of 11 months.

Parag Ved, EVP and head – consumer lines, Tata AIG General Insurance, said this will benefit consumers who have no health insurance cover or cannot afford health insurance or those looking for some additional cover.

It will offer a medical coverage specific to Covid-19 and will help fulfill short-term gaps.

Sanjay Datta, chief-underwriting and claims at ICICI Lombard General Insurance, told FE a large number of claims have come from red zones like Delhi, Mumbai and Ahmedabad. “Policy-holders have the option to buy either a Covid-19 stand-alone cover or a comprehensive cover,” Datta said.

Around 4,150 Covid-19 claims have been registered in Mumbai, while 1,600 and 1,100 claims were seen in Pune and Thane, respectively.

According to the health ministry, as on June 24, there are 1.83 lakh active cases of novel coronavirus in the country, around 2.58 lakh have been cured or discharged and 14,476 have died.

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