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29 Mar, 2022 | Weekly

Weekly Insurance Round-up Tuesday, March 29, 2022

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By Team Beshak
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We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful! 

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✴️ Health insurance claims surge over 3.5 times in 2021: Study 🔍

✴️ ICICI Lombard and Airtel Payments Bank come together to offer smartphone insurance 📱

✴️ Max Life Insurance partners with PhonePe to offer financial protection to customers 🤝


Health insurance claims surge over 3.5 times in 2021: Study 🔍

  • Digit Insurance recently conducted a study based on the data of claims settled by them for both retail and group health insurance products between January and December of 2020 and 2021. 
  • They compared the data of 2020 with that of 2021 to understand how the trends moved in the two years that were hit by the Covid-19 pandemic. 
  • According to the results, health insurance claims surged over 3.5 times in 2021. The study also states that non-metro reported 17% more claims than the metros in 2021. 
  • Here are some findings of the study - 
    • Non-metros reported 51% higher overall claims in 2020 than metros.
    • Overall claims for non-metros in 2021 were almost 300% more than the claims reported in 2020.
    • Average claim size in 2021 dropped by over 21% compared to the previous year across all types of insurance.
    • Policyholders between the age group of 25-35 and 36-45 reported the highest claims in 2021, similar to 2020.
    • The claims reported by men were 127% more than the claims reported by women in 2021, whereas in 2020 the same stood at 283%.
  • Digit insurance believes that the surge in claims in 2021 is mainly because of the increase in awareness of health insurance products post the pandemic.

Source: LiveMint

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ICICI Lombard and Airtel Payments Bank come together to offer smartphone insurance 📱

  • Through a fast, paperless, and secure digital process, customers of Airtel Payments Bank can now purchase from ICICI Lombard's smartphone insurance via the Airtel Thanks App.
  • The insurance will be issued automatically, post submitting the smartphone details. It will offer protection against damages to the phone and its screen due to accidents or liquid spills.
  • Customers can buy this insurance until 10 days after purchasing a smartphone ranging from ₹10,000 to ₹100,000. 
  • The insurance plan will be available at a monthly premium starting from ₹1299, and the insurance sum will be equal to the purchase price of the smartphone. 
  • With this tie-up, Airtel Payment Banks have further strengthened its insurance offerings available on its digital platform. 

Source: LiveMint

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Max Life Insurance partners with PhonePe to offer financial protection to customers 🤝

  • Max Life Insurance recently announced the launch of the Max Life Smart Secure Plus Plan, a non-linked non-participating individual pure risk premium life insurance on the PhonePe app.
  • PhonePe customers can get comprehensive financial coverage for their families for premiums starting as low as ₹4,426 annually. 
  • Customers can choose a maximum sum assured of ₹10 Crores, and an in-built terminal illness benefit and a special exit option will also be available with the plan.  
  • According to Max Life’s press release, customers can buy this term insurance plan from the PhonePe app through a simplified digital customer journey - without any hassle or excessive paperwork. 
  • With this partnership, Max Life aims to create a robust distribution channel for digitally savvy customers and expand the uptake of term insurance plans and financial protection.

Source: LiveMint

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Team Beshak
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