Life insurance firms settled 2.2 lakh Covid death claims: IRDAI data

Life insurance companies have so far received 2,18,084 COVID claims amounting to Rs 16921.70 crores, according to data provided to Business by Life Insurance Council. Insurers say the death claims rose drastically in 2021 amid deaths during the second COVID-19 wave.

“During the 2nd wave, all insurance companies observed multifold increase in the death claims under Covid and Non-Covid categories. All claims in which death was confirmed due to Covid 19 basis the medical documents and / or hospital records, were considered as COVID claims. A positive RTPCR & RAT test and subsequent death is also considered as Covid death,” says Rushabh Gandhi, Deputy Chief Executive Officer at IndiaFirst Life. 

Gandhi adds, “IndiaFirst Life also observed a rise in death claims during the same time. In FY22 we have settled 4785 individual life death claims of which 845 death claims are directly attributed to COVID. IndiaFirst Life Insurance has paid 159.51 crore of COVID claims since the start of the pandemic.” The figures include the individual, group as well as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) figures.