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Home / Money / Personal Finance /  Covid claims accounted for 48% of total claims reported in June quarter

NEW DELHI: It has been more than a year since the pandemic struck. India was also hit by a devastating second wave, which claimed many lives.

"According to news reports, given the nature of the virus, most medical experts across the country are envisaging a third wave of the pandemic in the coming months. Now, with the threat of a third wave looming over us, we need to take necessary precautions both personally and financially as well," said Amit Chhabra, head-health insurance, Policybazaar.com.

It takes years for people to achieve their life goals through disciplined savings and investments. However, one health emergency can derail the entire family's financial planning. Therefore, it is important to insure yourself and your family with health insurance so that you do not find yourself in a financially difficult situation during an emergency.

Chhabra said, "During the first wave of the pandemic, from April to August 2020, claims for Covid treatment accounted for 33% of total claims, but this dropped to 31% as the cases of the first wave declined between September and December. Erstwhile to the second wave, there was a significant decrease in covid hospitalisation, which resulted in a drop in covid claims to 14%. However, Covid claims accounted for roughly 48% of total claims reported in the first quarter of the current fiscal year."

One of the factors contributing to the increase in Covid claims during the first quarter is the drop in other ailments as a result of the lockdown. Apart from the increased percentage of claims, the severity of the claims also rose from 151575 during the 1st wave to 164701 during the 2nd wave.

(Source: Policybazaar.com)
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(Source: Policybazaar.com)

Moreover, people who have contracted the infection will have to wait for full recovery before getting health insurance. It is critical to ensure that the applicant's basic medical condition has improved and does not pose a high risk. However, this has no bearing on health insurance premiums.

Chhabra said, "To a large extent, a health insurance plan helps people in managing this risk. A good insurance policy is when the insurer pays for more than 90% of your total hospital bills. Therefore, if you aim to purchase health insurance, you should consider some significant factors, which can help provide you with suitable and comprehensive coverage. It is always prudent to get insurance coverage as soon as possible. You certainly do not know what will happen in the coming days. Because there is a chance of a larger third wave, you should get yourself covered as soon as possible."

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