Life insurance industry death claims payout rises 21% in Q1
The Life Insurance industry paid 20.74 percent higher death benefit to its policy holders at Rs 1,717 crore during the first quarter of the current fiscal.
New Delhi: The Life Insurance industry paid 20.74 percent higher death benefit to its policy holders at Rs 1,717 crore during the first quarter of the current fiscal.
In the same quarter (April-June) a year ago, the industry paid Rs 1,422 crore, as per the data released by Life Insurance Council (LIC), the industry body of life insurance companies.
The private sector life insurers have paid 57.35 percent higher death claims during the quarter at Rs 321 crore, as compared to Rs 204 crore the same quarter last fiscal.
"The economic downturn has no way impacted the life insurance industry, with respect to the payment of death benefit is concerned. In fact, it is significant to note that the death benefit on the contrary, has increased," said LIC general secretary S B Mathur.
The total benefit, which comprises of death benefit, maturity benefits, periodic bonuses, periodic money back and other benefits, too has gone up 21.12 per cent to Rs 12,056 crore in the quarter as compared to Rs 9,953 crore in corresponding quarter last year.