24 life insurers led by Life Insurance Corporation have paid Rs 17,362.48 crore for settling 2,27,268 Covid death claims
Similarly, 30 functioning general insurance companies, including five exclusive health insurers, have already paid over Rs 26,000 crore for settling over 26 lakh claims thereby paying average payment of Rs 1 lakh per claim
1,19.000 claims for Rs 1,600 crore still pending with insurers
Mumbai
The Indian insurance industry has already shelled out around Rs 42,000 crores for paying Covid-19 Pandemic claims since March 2020 when the virus hit the country.
According to the figures compiled by the insurance regulator IRDAI, 24 life insurance companies led by Life Insurance Corporation (LIC) have paid Rs 17,362.48 crore for settling 2,27,268 Covid death claims.
Similarly, 30 functioning general insurance companies, including five exclusive health insurers, have already settled over Rs 26,000 crore for paying over 26 lakh claims thereby paying average payment of Rs 1 lakh per claim.
In FY 2021-22,a total of almost 18 lakh Covid claims were settled for an amount of Rs 16,190 crore, almost double of both what was paid in terms of number of claims and amount in 2020-21.
Almost 1,17,000 claims amounting to Rs1,163 crore were repudiated or still pending for payment by the general insurance companies during FY 2021-22 and over 2,15,000 claims amounting to Rs 1,500 crore have been rejected or pending with general insurers in the last two years.
For the first 40 days of the current fiscal, general insurers have already settled 15,000 claims amounting to Rs 243 crore indicating drastic fall of the Covid-19 claims.
Since March 2020, LIC has settled 92,536 Covid death claims for Rs 3,177 crore, while the 23 private players put together settled 1.34 lakh claims, paying Rs 14,185 crore.
According to the IRDAI figures, life insurers have rejected over 2000 life claims amounting Rs 500 crore since March 2020.
SBI Life has rejected maximum number,500, of Covid- 19 claims.
LIC’s Covid death settlement numbers were followed by ICICI Prudential’s, which paid Rs 2,526 crore for 16,818 claims. SBI Life paid Rs 2,333 crore for 33,864 claims, HDFC Life Rs 1,730 crore for 18,513 claims and Max Life Rs 1,462 crore for 12,092 claims.