Only 4% of Covid-19 victims in India have Health Insurance: Life Insurance Companies

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Amidst growing cases of Corona Infection in the country, there have been alarming revelations about Health and Life insurance. According to Data released by Insurance companies in the Ministry of Finance and the Ministry of Health as of June 4, less than 4% of the total Corona Victims in the country have health insurance.

So far 8500 claims have been filed for Health Insurance.

As of June 4, the total number of Corona Victims in the country was close to 2.17 lakh, as per the  Data from Insurance Companies. Out of this, a total of 8500 victims have claimed to take advantage of health insurance. These people have filed claims worth Rs 135 crore. 

100 death claims have been filed So Far!

Life insurance companies have also informed both ministries of the claims data. As of June 4, only 100 death claims out of 6,088 deaths have been filed in the country. This is about 2% of the total deaths in the country. These figures may spark a new debate between IRDA and Insurance companies that future Life Insurance may be misconstrued as compared to Health insurance.

Also, the Highest claims are from Maharashtra.

According to Data from Insurance Companies, the highest number of health and death claims are being filed in Maharashtra. Maharashtra claims about 60% of the total claims. It is followed by Delhi with 15%. 10.4% of claims have been made in Tamil Nadu. Claims have been filed in West Bengal at 5.4% and in Gujarat by 3.4%. The remaining 5.8 percent of claims have been filed in other states.

Indians have more Health insurance than Life insurance.

Health insurance companies say that today Indians have more Health insurance than Life insurance. Most Indians have registered for Ayushman Bharat Yojana, Company’s Group Health Scheme, or Private Company Health Insurance. Life insurance in India is mainly chosen to save tax or invest.

Death claims may inflate in the Coming Days.

An Insurance Regulatory and Development Authority (IRDA) official believes that the number of claims under Life Insurance may surge in the coming months. The reason for this is that during natural calamities, Indian Families handle important tasks first. Similarly, in the event of Death from Corona, the family may be in Quarantine which may delay the Submission of Claims.

Such a low number of claims is Alarming!

IRDA officials say that only 2 to 4 % of the claims of Health and Life insurance are filed. To improve this, the regulator will take steps to pursue insurance companies. Apart from this, awareness will be spread about the importance of Insurance to keep the Financial Situation safe and secure during the Pandemic.

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