Over 2.25 lakh death claims due to the Covid-19 pandemic were settled by insurance companies till March 2022, according to the Insurance Regulatory and Development Authority of India (Break up) said in its annual report released on Thursday. Public insurers and stand-alone health insurers have gained a large number Covid The industry handled treatment-related claims “very efficiently” and settled for approximately Rs 25,000 crore.
26,54,001 in total, according to the reported data Health insurance claims were settled.
Irdai reported that insurance companies have settled more than 2.25 lakh death claims due to the pandemic and paid Rs 17,269 crore for claims till March 31, 2022.
Life Insurance Sector in 2021-22 Rs. 5.02 lakh crore in benefits paid, which is 73.1 per cent of the net premium.
LIC 70.39 percent of the total benefits paid and private insurers the remaining 29.61 percent.
“For the individual life insurance business, the death claim settlement rate of the life sector has increased to 98.64 per cent in 2021-22 from 98.39 per cent in the previous year and the denial/rejection rate has come down to 1.02 per cent from 1.14 per cent.” The report said.
General and health insurers settled 2.19 crore health insurance claims and disbursed Rs 69,498 crore towards settlement of claims. The average amount paid per claim was Rs.31,804.
Net claims by general insurers stood at Rs 1.41 lakh crore in 2021-22, up about 26 per cent from Rs 1.12 lakh crore in 2020-21.