Saturday, October 24, 2020
Home Products Health Insurance Corona-Kavach policies cross 1 crore milestone, Health News, ET HealthWorld

Corona-Kavach policies cross 1 crore milestone, Health News, ET HealthWorld

Bengaluru: The market for Corona-Kavach policies has grown 10-fold in a month to 1.1 crore from 15 lakh. A record sales figure that makes it the hottest selling insurance product in decades.

Irdai chairman S C Khuntia announced the figure while addressing a CII meeting on Thursday. While there have been a few group health purchasers, the overwhelming majority of sales is coming from individual retail customers. “Growth in corona-specific policies are driven by rising Covid-19 cases, with continuous uncertainty and a surge in related medical expenses,” said Subrata Mondal, EVP and head underwriting, IFFCO Tokio General Insurance.

Media reports on hospitals’ bills have played a role, say insurers. “About 75% of customers are preferring to take sum insured of Rs 2-5 lakh. Only a quarter are taking coverage below Rs 2 lakh,” said Gurdeep Singh Batra, head – retail underwriting, Bajaj Allianz General Insurance.

Insurers also say that many customers are first-time buyers. “More than half the customers who have approached us for Corona Kavach are new to insurance. Since Corona Kavach only has a maximum sum insured of Rs 5 lakh, if people feel that is not sufficient then they take a comprehensive family plan,” says Batra.

As Corona Kavach policies have a maximum sum insured, most people were buying it as an individual cover and not family floater (as only one person’s hospital bill could exhaust Corona Kavach). But with heightened insecurity, people are now turning to comprehensive insurance plans with family floater option, said insurers.

Source link

Most Popular

ICICI Lombard General registers 35% increase in Q2 profit

Private sector ICICI Lombard General Insurance reported a 35 per cent increase in net profit to ₹415.74 crore in the second quarter this...

ICICI Lombard Q2 net rises 35%

ICICI Lombard reported underwriting profits in fire, motor and the miscellaneous retail segment in the second quarter.ICICI Lombard General Insurance on Friday posted...

ICICI Lombard General Insurance Q2 net rises 35%

The non-life insurer also saw an improved combined ratio and a surge in gross direct premium income (GDPI) in the quarter under review.ICICI...

Bombay HC’s Nagpur bench quashes govt cap on non-Covid treatment prices for 20% reserved beds

Written by Vivek Deshpande , Tabassum Barnagarwala | Nagpur | Updated: October 24, 2020 12:38:16 am The government had put restrictions on treatment...

Recent Comments