During the first four months of the lockdown, health insurance claims had lowered since policyholders were putting on hold elected procedures like cataract and knee-replacement surgeries.
Insurance claims for both COVID-19 and non-COVID-19 hospitalisation have started picking up after a near four-month slowdown. The number of claims due to the COVID-19 outbreak crossed 1.5 lakh (Rs 2,000 crore in value), while the number of non-COVID claims reached close to pre-lockdown levels, according to a report by The Times of India.
During the first four months of the lockdown, health insurance claims had lowered since policyholders were putting on hold elected procedures like cataract, knee-replacement surgeries, The Times of India reported.
The average claim size has risen 25 percent, the report said.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
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There was also a decline in hospitalisation for accidental injury or non-COVID infectious diseases due to the lockdown, the report added.
Another reason for the drop in health insurance claims was that most of the treatment was being done at government hospitals, the report said.
Suryanarayanan V, Cholamandalam MS General Insurance Managing Director, told the publication that after Unlock 1.0 began in June, insurance claims climbed to 85 percent from 50 percent in April-May, and returned to the previous average in July."We saw non-COVID claims fall sharply in April. However, the rate of these claims doubled in June and again in July. Today, we have close to about 20 lakh claims as markets and malls have opened up," Max Bupa Health Insurance director Bhabatosh Mishra told the paper.