Mumbai:
Indian insurers received 22,205 death claims worth Rs 1,644 crore during 2020-21 where the demise was due to COVID-19, the Reserve Bank of India (RBI) said in its bi-annual Financial Stability Report (FSR) on Thursday.
The industry settled 21,854 death claims of these amounting to Rs 1,492.02 crore, it said adding that there was no significant impact on the financials of life insurers.
The claims paid ratio (provisional) stood at 98.1 per cent for individual claims and 98.6 per cent in the group category, in comparison with 96.8 per cent and 97.3 per cent, respectively, for the previous financial year, it said.
''…the pandemic did not have a significant impact on death claim settlement rates,'' it said.
Insurance premiums collected under various COVID-19-specific policies stood at Rs 1,307 crore for an insured sum of Rs 13.6 lakh crore up to May 15, 2021, the report said.
New business premiums pertaining to life insurance picked up sharply in March, after plunging in the third quarter of 2020-21, it said.