ZEE BIZ RTI EXCLUSIVE: 44782 death claims processed by life insurance companies as on 14 June, IRDAI tells in RTI reply; Rs 3300 cr paid in settlements

Just under 45,000 death claims related to Coronavirus disease have been settled by all the life insurance companies put together as of 14 June 2021. The overall amount that has been processed under these claims amounts to Rs 3300 cr.  

In an RTI filed by Zee Business’ Anurag Shah, the Insurance Regulatory and Development Authority (IRDAI) has said that insurance companies have settled claims worth Rs 45 cr under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).  

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Under this flagship scheme of the government, the policy subscribers are required to give Rs 330 as premium through their bank accounts. This scheme gives a cover of Rs 2 lakh to the assured.    

Shah said that this information is also useful for those people who have lost a kin under whose name the policy has been subscribed and death claims have still not be made with the insurance companies. The person’s bank account should be linked to the PMJJBY scheme to avail the benefits.  

This is because a large number of nominees are not aware that the accounts of the departed person in the family is linked with the PMJJBY. 

ZEE Business EXCLUSIVE:   

44782 death claims settled as on 14 June 2021. 
Life insurance companies have paid Rs 3362 cr as Coid-19 death claims. 

Claims settled under PMJJBY is worth Rs 45 cr. 
One can subscribe for PMJJBY policy by paying just Rs 330 per year. The coverage is of Rs 2 lakhs. Premium is deducted from bank account.  
In 2020, Rs 18,000 cr was paid as death claim settlement for all types of deaths including those related to Coronavirus. The total claims made were around 7.29 lakh.  
Under PMJJBY, death claims worth Rs 4.94 cr were settled in 2020.

Total claims settled since the beginning of pandemic up to 14 June 2021:  

- Individual claims - 32,666 death claims. Amount paid is Rs 2170 cr  
- Under PMJJBY - 2235 death claims. Amount paid is Rs 44.70 cr.  
- Group Insurance - 9881 death claims. Amount paid is Rs 1171 cr 
- Total Covid death claims is 44782 and mount paid is Rs 3362 cr