29 Mar, 2022 | Weekly

Weekly Insurance Round-up Tuesday, March 29, 2022

Team Beshak
By Team Beshak
We breathe insurance :)
😐 2
Not so great
😃 0
It’s helpful
🤩 6
It’s perfect!

Hello there! 👋

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! 

Let's get started! 🚀

What's inside? 🧐

✴️ 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

Go to Top 🆙

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

Go to Top 🆙

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

Go to Top 🆙

We need your feedback 🙏

Love it? Hit the 'It's perfect' button below! Have a suggestion to improve our content? Please leave us a comment. We absolutely appreciate it! 

Be the first to get this weekly news analysis, on your phone. Join the exclusive Telegram Channel for Financial Advisors 👉 

Team Beshak
Written by,
Team Beshak, We breathe insurance :)

We are a group of young members of the Beshak community. We come together to brainstorm, write relevant and useful content for people (just like us) who want to figure insurance on their own. If you too want to share inputs/write for us - send us a "hey" to

Term Life Insurance
Health Insurance
Discover the best tips for insurance every week!

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business.
© Copyright 2023 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to now 🙂