Page 26 - Life Insurance Today March 2018

For private insurers, settlement ratio had gone up by 2.24 It is observed that majority of offices of life insurers are
percent at 93.72 percent during the financial year 2016- located in semi-urban towns which are with a population
17 compared to 91.48 percent during the previous year. between 10,000 and 99,000. Around 44% of life insurance
The repudiations came down to 4.85 percent in the year offices are located in these small towns. After the semi-
2016-17 compared to the 6.67 percent in previous year. urban towns, majority of the life insurance offices i.e.
28.6% are located in Urban towns with a population
The industry settlement ratio increased to 97.74 percent between 1,00,000 and 9,99,999.
in 2016-17 from 97.43 percent in 2015-16 and the
repudiation ratio decreased to 1.45 percent compared to District Level Presence of Life Offices:
the 1.73 percent in 2015-16. As at 31st March, 2017, the sole public sector life insurer,
LIC of India had its offices in 607 districts out of 640
Group Life Insurance: districts (As per the Decennial Census 2011) in the country.
During 2016-17, the total intimated claims were 7,06,431 As such, it covered 94.84 percent of all districts in the
while 13,815 claims were pending at the beginning of the country, whereas the private sector insurers had offices in
year. Out of these, life insurance industry settled a total of 553 districts covering 86.41 percent of all districts in the
7,15,303 (99.31 percent of the total claims) claims. country. In total, both LIC and private insurers together
covered 95.16 percent of all districts in the country.
While LIC settled 99.73 percent of the claims, the private
life insurers paid 99.03 percent of all claims. The industry The number of districts with no presence of life insurance
repudiated 0.36 percent of the claims. offices stood at 31 in the country. Out of these, 23 districts
belong to the north eastern states namely Arunachal
Expansion of Offices Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and
Number of life insurance offices stood at 10954 for the Sikkim. In 22 states/union territories (out of a total of 36
period ended 31.03.2017 compared to 11071 as at states/union territories in the country), all the districts were
31.03.2016. covered through life insurance offices.

FORM IV (SEE RULE 8)
1. Place Kolkata
2. Periodicity of Publication Monthly
3. Printer’s Name Satyajug Employees Co-operative Industrial Society Ltd.
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 13, Prafulla Sarkar Street, Kolkata - 700 072

4. Publisher’s Name Sushil Kumar Agarwala
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
5. Editor’s Name CA Rakesh Agarwal
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 25/1, Baranashi Ghosh, P.S. Girish park, Street
Kolkata-700 007
6. Name and address of individuals who own the Sushil Kumar Agarwala
newspaper and partners or shareholders holding Proprietor
more than one percent of the total capital 31/1, Sadananda Road, P.S. Kalighat, Kolkata-7000 026

The airline business is the biggest team sport in the world. When you're all consumed with fighting among yourselves, your opponents
can run over you every day.

26 March 2018 Life Insurance Today