Insurers settled over 2.25 lakh death claims on account of COVID-19: Irdai report

New Delhi : Over 2.25 lakh death claims due to the Covid-19 pandemic were settled by insurance companies up to March 2022, the Insurance Regulatory and Development Authority of India (Irdai) said in its annual report released on Thursday.
It further said the general insurers and stand-alone health insurers received a huge number of Covid treatment related claims which the industry handled “quite efficiently” and settled claims approximating to Rs 25,000 crore.
As per the data in the report, a total of 26,54,001 health insurance claims were settled.
Irdai said insurance companies settled over 2.25 lakh death claims on account the pandemic and paid Rs 17,269 crore towards claims up to March 31, 2022.
The life insurance industry paid benefits of Rs 5.02 lakh crore in 2021-22, which constitutes 73.1 per cent of the net premium.
Also Read Delhi’s new COVID-19 case double to 10, one death reported LIC accounted for 70.39 per cent of total benefits paid and private insurers the remaining 29.61 per cent.