Mumbai: Many life insurance companies have used their FY22 provisions for Covid-19 claims in the first quarter due to the intensity of the second wave of pandemic.
While insurance companies cannot revise prices, they change carefully to accept new proposals.
They now demand a medical test for proposals that will be received earlier based on telecasting.
The live box is the first to ring alarm by telling the stock exchange, through the Parent Bank box, which claimed that during the first quarter much higher than expected.
The company said it would be subject to losses starting from Rs 225 Crore to RS 275 Crore due to Covid-19 claims.
According to one insurance company, the claim of death for the second three months wave is much higher than Covid claims at FY21.
The main reason for this is the age of younger than the victim this year.
Last year most of the victims were in the age group 50 plus.
Insurers say that high-value policies are more than RS 1 Crore more common among those who are in their 40s and 30s because this policy becomes cheap only in recent years.
Even before claims rose below the second wave, reinsurance had hardened their attitude at reception.
“Previous telecasting ratio of physical examination is 50-50.
Now 70% physically,” said Sajja Praveen Chowdary, Head of Term Insurance in Polikebazaar.
Another Fallout of the second wave is that many people cannot buy insurance because the company insists on medical tests and regulating diagnostics it takes twice during the previous four days.
Also, those infected by viruses experience cooling periods.
“We suggest that people buy futures insurance now than waiting for the third wave.
This might be the right time they might be able to get a faster policy,” Chowdary said.