Seeing the havoc of the second wave of Corona, people are now looking to avail health insurance. But due to increasing claims due to COVID, taking health insurance is no longer easy.
Health insurance benefits deal in this era of Corona
In the Corona crisis, people have understood the importance of health insurance. Health insurance helps you and your family to get treatment in a hospital after an illness. Seeing the havoc of the second wave of Corona, people are now looking to avail health insurance. But due to increasing claims due to COVID, taking health insurance is no longer easy. For those who have recovered from Corona and want to take insurance, it has become difficult to get health insurance and term insurance.
According to a report, 9.9 lakh claims worth Rs 14,561 crore were filed in front of health insurance companies for payment of COVID treatment in the financial year ended 31 March. Whereas, by May 4 this year, the claim increased to Rs 22,955 crore. That is, the COVID claim increased to Rs 8,385 crore within just 44 days, which is 57 per cent of the financial year 2020-21.
Expect to increase rejections rate
According to the Economics Times report, in view of the increasing claims, health insurance companies have tightened the rules for the purchase of new policies. Due to this there is a possibility of increase in new application rejections rate. It has now become difficult for patients recovering from Corona to increase the cover and get a new policy.
According to industry experts, global reinsurers companies have asked both life and health insurers to make the underwriting norms more stringent. Reinsurance companies have taken such a step to reduce their losses. Explain that reinsurers companies insure the risk of insurers.
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