At least 12.8m lives have been covered by COVID-specific policies with a total premium of over INR10bn ($137m) so far in India, IRDAI chairman Subhash C Khuntia has revealed.
During the pandemic, two corona-specific products — Corona Kavach and Corona Rakshak — were launched by insurers under the guidance of the IRDAI. Under Corona Kavach, which is the standard product, 4.2m lives have been protected; while 5.36m lives have been protected through Corona Rakshak. In addition, insurers also introduced their own policies to cover COVID-19, reported Press Trust of India.
Addressing participants virtually at the 17th Annual Insurance Brokers’ Summit organised by Insurance Brokers Association of India last week, Mr Khuntia said that the overall growth of the health insurance sector is unlikely to be negatively affected even though renewals and sales of standard coronavirus insurance policies are expected to decline due to the falling number of COVID-19 cases,
The standard Covid-19 policies have been serving their purpose, he said, adding that the pandemic has made people realise the importance of having adequate health coverage and is expected to boost overall health insurance in the near-term.