Page 13 - The Insurance Times May 2021

Health Insurance News

Term insurance prices According to the company, there are Bajaj Allianz General Insurance's head
some indications that other insurance of health Bhaskar Nerurkar stated,
hiked, health premiums companies might also increase their "Claims applied for COVID treatment
stay unchanged in Q4: term insurance premium prices in the have gone up by 50% at 150 claims per
near future. day in March, as compared to the
PolicyX
Naval Goel, Founder and CEO, lowest recorded in January at 100
As per PolicyX.com's Insurance Price PolicyX.com, stated, "As per our claims per day."
Index, there is a significant jump in discussion with most of the insurers, Liberty General Insurance said that
term insurance premiums, while prices term plan prices are likely to go up COVID claims, which have almost
of health insurance policies remained further. Fortunately, not all companies doubled in recent weeks compared to
changed despite the continuous rise in have affected the price increase so far. a month ago, are likely to increase
COVID-19 cases during the first quarter Customers who want to purchase a further as there is a lag in reporting
of the calendar year 2021. term plan should not postpone their the reimbursement of claims by some
PolicyX had launched the price index in decision further as they might land up customers.
January that allows users to observe paying 20% higher. The increase is due
shifts and trends in the premium prices. to the fact the re-insurers have Aditya Birla Health
During the March quarter, in the term increased their rates."
insurance category, the price index Insurance introduces
surged 4.4%, indicating that the Second wave pushes #ABHIKaro campaign

average price of term insurance COVID-19 health claims up Aditya Birla Health Insurance Company
premium rose to Rs. 21,913 in the Ltd. (ABHICL) has recently launched a
index value. 27% two-video multilingual multi-platform
According to sources in the General
Out of total 10 insurance companies Insurance Council, health insurance campaign '#ABHIKaro' which has
covered under the index, 4 insurance claims related to COVID-19 have garnered a tremendous response. The
companies hiked their premium prices jumped to 9.9 lakh worth Rs. 14,500 campaign promotes the idea of 'Chuno
in the last quarter. The biggest jump crore, up 27% from 7.8 lakh claims insurance jo de zyada' (choose an
observed in premium prices was about worth Rs. 11,850 crore as on January insurance that gives more) to prod the
19.0%, which was followed by 18.7%, 31, 2021. The surge follows the second viewers to choose an insurance cover
5.5% and the minimum was 2.6%. wave of infections that hit the country that goes beyond satisfying the bare
minimum needs.
The 10 companies covered under the in February, 2021.
The pandemic-driven awareness of
index are LIC of India, SBI Life, HDFC ICICI Lombard General Insurance's
Life, ICICI Prudential, Max Life, Bajaj head of claims Sanjay Datta remarked health insurance has led people to
Allianz Life, Aditya Birla Sun Life, Kotak that March, 2021 has recorded last have a more proactive approach
Mahindra Life, Tata AIA Life and year's peak figures driven by claims towards their health needs. However,
Canara HSBC OBC Life. filed from Maharashtra. a significant part of India's population

The Insurance Times, May 2021 13