Corona-Kavach insurance policies cross 1 crore milestone

BENGALURU: The marketplace for Corona-Kavach insurance policies has grown 10-fold in a month to 1.1 crores from 15 lakh. A document gross sales determine that makes it the most well liked promoting insurance coverage product in many years.
Irdai chairman S C Khuntia introduced the determine whereas addressing a CII assembly on Thursday. Whereas there have been just a few group well being purchasers, the overwhelming majority of gross sales is coming from particular person retail clients. “Progress in corona-specific insurance policies are pushed by rising Covid-19 instances, with steady uncertainty and a surge in associated medical bills,” stated Subrata Mondal, EVP and head underwriting, IFFCO Tokio Normal Insurance coverage.
Media studies on hospitals’ payments have performed a job, say insurers. “About 75% of consumers are preferring to take sum insured of Rs 2-5 lakh. Solely 1 / 4 are taking protection under Rs 2 lakh,” stated Gurdeep Singh Batra, head – retail underwriting, Bajaj Allianz Normal Insurance coverage.
Insurers additionally say that many purchasers are first-time consumers. “Greater than half the purchasers who’ve approached us for Corona Kavach are new to insurance coverage. Since Corona Kavach solely has a most sum insured of Rs 5 lakh, if folks really feel that isn’t adequate then they take a complete household plan,” says Batra.
As Corona Kavach insurance policies have a most sum insured, most individuals had been shopping for it as a person cowl and never household floater (as just one individual’s hospital invoice might exhaust Corona Kavach). However with heightened insecurity, folks are actually turning to complete insurance policy with household floater choice, stated insurers.

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