COVID-19 Treatment Made For 11% Of Health Insurance Claims In April-Aug

According to a research conducted by Policybazaar.com, treatment for COVID-19 accounted for as much as 11 percent of the total health insurance claim paid by insurance companies between April and August.

The research further revealed that 89 percent of health insurance claims during April 1, 2020, and August 31, 2020, were for other major illnesses, including cancer, heart problems, kidney and treatment.

The data surveyed pertains from 1 April to 31 August by Policybazaar.com, which accounts for about 10 percent of India's retail health insurance market.

The insurtech brand further said the increasing incidence of coronavirus cases and the rising cost of treatment have been promoting more and more people to opt for health insurance in these uncertain times.

The COVID-19 scare, it said, "has triggered everyone to prioritise health insurance like never before not only for protection against a pandemic but also against any bigger events or illnesses like lifestyle disease which will stay here forever."

As regards the cost of treatment, the insurance aggregator said COVID-19 treatment may cost more than Rs 10 lakh in case of prolonged hospitalisation.

A comprehensive health insurance policy with Rs 10 lakh sum insured for a 32-year-old individual costs anywhere between Rs 7,000-9,000 annually, it said.