Insurance companies may have to review the price of existing products as they tackle claims rising due to Covid-19, said Suresh Mathur, Executive Director, Insurance Regulatory and Development Authority of India (Irdai).
Life insurance companies have seen their death claims shoot up. Among private life insurance companies, SBI Life saw 5,000 covid related claims and paid out Rs 340 crore. ICICI Prudential Life Insurance has also settled a similar amount. HDFC Life has settled 1,271 individual covid related claims and 542 group-related claims. Max Life, on the other hand, has received 10,525 death claims.
“The evolving situation may also force