Over 2.25 lakh death claims due to COVID-19 pandemic to be settled by insurance companies till March 2022, Insurance Regulatory and Development Authority of India (IRDAI)break up) said in its annual report released on Thursday. It further said that general insurers and stand-alone health insurers obtained a large number of insurance covid The treatment related claims were handled by the industry “quite efficiently” and claims worth about Rs 25,000 crore were settled.

Total 26,54,001 as per the data of the report health insurance claim were settled

Irdai said insurance companies settled over 2.25 lakh death claims due to the pandemic and paid Rs 17,269 crore towards claims till March 31, 2022.

The life insurance industry delivered a profit of Rs 5.02 lakh crore in 2021-22, which is 73.1 per cent of the net premium.

LIC 70.39 per cent of the total benefit paid and private insurers accounted for the remaining 29.61 per cent.

“In case of individual life insurance business, the death claim settlement ratio of the life industry increased from 98.39 per cent in the previous year to 98.64 per cent in 2021-22 and the rejection/rejection ratio declined from 1.14 per cent to 1.02 per cent.” Said in the report.

General and health insurers settled 2.19 crore health insurance claims and paid Rs 69,498 crore towards claims settlement. The average amount paid per claim was Rs 31,804.

The net claims of general insurers stood at Rs 1.41 lakh crore in 2021-22 as compared to Rs 1.12 lakh crore in 2020-21, a growth of about 26 per cent.