COVID-related health insurance claims worth Rs 17,537 by Public sector insurers have been settled and issued till December 2021. Moreover, 93 percent of the cases have been settled.
Bhagwat Karad, Minister of State for Finance said in a written reply in the Lok Sabha, “Till December 31, 2021, 14.92 lakh COVID-19 health claims, of a total amount of Rs 17,537 crore were lodged with public sector insurance companies, of which 93.3 percent claims had been disposed of.”
He further added, adhering to the norms of the Insurance Regulatory and Development Authority of India (Health Insurance) Regulations, 2016, that the pricing of health insurance products offered by insurers is based on the age of the insured and taking into account the other pertinent risk factors.
Karad also said that the government has invested Rs 17,450 crore funds into the public sector insurance companies during the period from March 2020 to March 2022 to enhance their solvency ratio.
