About 15 lakh took Covid insurance in a month : Report
About 1.5 million lives have been insured within a month under the two Covid-19 specific insurance policies, Corona Kavach and Corona Rakshak, according to Subhash Khuntia, chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
“More than 15 lakh lives have already been covered under these two products within a month. That shows what is the demand and it is important that we cater to this demand,” Khuntia said, during a conference hosted by the Federation of Indian Chambers of Commerce & Industry on Thursday.
The regulator was compelled to come out with the standardised Covid-19 policies after seeing no such initiative from the industry, Khuntia said, adding that some insurers felt these products were competing with their own policies.
“Why is it important that your other products should sell more than the standard product? After all you have to do business,” he said.
MR Kumar, chairman, Life Insurance Corporation of India, who was part of the online panel, called for leniency in adherence to the solvency ratio for insurers during Covid crisis.