Covid-specific well being cowl in excessive demand as circumstances surge

Vijay C Roy

Tribune News Service

Chandigarh, August 19

Abysmally low medical insurance penetration however, the worry of contracting Covid-19 has seen a spurt within the demand for short-term Covid-specific covers, particularly amongst first-time consumers.

According to insurers, even those that are already coated underneath common medical insurance are shopping for customary Covid-19 plans for a assured protection. 

Rs565-cr claims in July 

  • Higher demand is for insurance policies starting from 6.5 to 9.5 months
  • In July, Rs565-cr claims in opposition to 35,000 hospitalisations have been settled
  • People are preferring Rs2-5 lakh cowl—common month-to-month premium is Rs500

Currently, greater than a dozen insurance coverage firms are providing Covid plans.

‘Corona Kavach’ has seen a constructive uptake from prospects, particularly these as much as 45 years. We are witnessing most queries for a canopy of Rs 2-5 lakh, contemplating Covid therapy value. The larger demand is for six.5 and 9.5-month insurance policies,” says Gurdeep Singh Batra, head of retail underwriting, Bajaj Allianz General Insurance.

Covid-specific merchandise have been designed preserving in thoughts those that can not afford to pay Rs 800 to Rs 1,000 a month for medical insurance. The common value of the coverage is as little as Rs 500.

While ‘Corona Kavach’ is an indemnity-based well being plan and probably the most wanted, ‘Corona Rakshak’ is a fixed-benefit coverage. Both these insurance policies are a lot in demand throughout the nation, significantly in Maharashtra, Tamil Nadu, Karnataka and Delhi NCR the place Covid incidence is excessive.

“The response has been tremendous. We have been selling an average 1,000 ‘Corona kavach’ policies a day,” says Amit Chhabra, head of medical insurance,

With circumstances mounting by the day, there was a gentle rise in insurance coverage claims too. “In July, claims worth Rs 565 crore were settled against 35,000 hospitalisations. An average Rs 1.6 lakh was given to each claimant,” says Indraneel Chatterjee, co-founder and principal officer,

Bhaskar Nerurkar, head of well being claims at Bajaj Allianz General Insurance, says for a cashless Covid-19 declare, they do pre-authorisation approval inside 45 minutes whereas remaining settlement is completed in lower than two hours after invoice verification. “In case of a reimbursement claim, we pay a policyholder within three working days,” he provides.

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