Home World News Corona-Kavach policies cross 1 crore milestone - Times of India

Corona-Kavach policies cross 1 crore milestone – Times of India


BENGALURU: The market for Corona-Kavach policies has grown 10-fold in a month to 1.1 crores 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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

IPL 2020, KXIP vs KKR: Kings XI Punjab beat Kolkata Knight Riders to keep playoff hopes alive | Cricket News – Times of India

Three days after losing his father, Mandeep Singh showed his grit with a fine half-century to guide Kings XI Punjab

SGX Nifty hints at positive start for Sensex, Nifty; 5 factors that could define stock market movement

Asian stock markets were trading lower in early trade on Tuesday. Japan's Nikkei 225 shed 0.27 per cent in morning trade while the...

MARKET LIVE: SGX Nifty rises 50 points despite weak global cues

The SGX Nifty was trading 50 odd points higher at 11,840 levels at 7:30 AM, indicating a gap-up opening for the Indian markets...

Air Pollution Linked to 15% Coronavirus Deaths Globally: Study

Long-term exposure to air pollution may be linked to 15 percent of Covid-19 deaths globally, according to research published Tuesday that highlights the...

Recent Comments