The life insurance industry as a whole collected Rs 2.78 lakh crore of new premiums, showing a 7.5 percent YoY growth in FY21
The state-run Life Insurance of India (LIC)’s death claims in April-December 2020 went up by 17% and reversing a trend that showed a decline in claims for the past three years. As of March 2021, its policy sales were close to 300% greater than the previous year
8,16,652 death claims were made on LIC in April-December 2020, out of which 8,08,575 death claims and amount worth ₹16,945.96 crore was paid. The claim numbers are up 17.11 percent from the 6,97,314 claims in the corresponding period of 2019. According to the data, there was a spike in death claims between October-December and the number tripled in October-December vis-a-vis April to September. The data didn’t specify the number of COVID-19 related claims.
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Insurers have pointed out that the nationwide lockdown in the first quarter of last year had delayed the filing of claims.
The company also said that it collected new premiums of Rs 1.84 lakh crore in FY21 as per its provisional figures which is the highest ever premium collection.
The life insurance industry as a whole collected Rs 2.78 lakh crore of new premiums, showing a 7.5 percent YoY growth in FY21. Here, private life insurers (ICICI Prudential Life Insurance, HDFC Life, Max Life Insurance) collected new premiums of Rs 94,103 crore, showing YoY growth of 16.3 percent.
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