Page 46 - Life Insurance Today July - December 2020

Table I.14: Claims of Life Insurers
(Rs. crore)
S. Insurer LIC Private Sector Total
No. 2018-19 2019-20 2018-19 2019-20 2018-19 2019-20
1. Death Claim 17,075.06 17,505.36 9,671.94 12,287.92 26,747.00 29,793.28
2. Maturity 1,51,446.05 1,51,159.70 16,675.85 20,565.77 1,68,121.90 1,71,725.47
3. Surrender/ 69,237.27 70,148.12 41,931.73 51,819.01 1,11,169.00 1,21,967.13
Withdrawal
4. Others 11,526.48 13,947.45 12,113.89 13,243.76 23,640.38 27,191.21
Total 2,49,284.86 2,52,760.62 80,393.42 97,916.46 3,29,678.28 3,50,677.08

Chart I.9: Claims of Life Insurers

March 31, 2020 when compared to 97.79 per cent as at total number of group claims payable during 2019-20, life
March 31, 2019. The proportion of repudiations has insurance industry paid a total of 9.98 lakh claims (97.27
increased to 0.81 per cent in 2019-20 compared to that of per cent). While LIC paid 91.08 per cent of the claims, the
0.43 per cent in previous year. For private insurers, private life insurers paid 98.94 per cent of the claims. The
settlement ratio had increased to 97.18 per cent during industry repudiated 0.20 per cent of the claims and rejected
2019-20 when compared to 96.64 per cent during the 0.05 per cent of the claims.
previous year. The proportion of repudiations came down
Investment Income of Life Insurers
to 2.42 per cent in the year 2019-20 when compared to
In case of LIC, the investment income (Policyholder’s and
that of 2.83 per cent in previous year. The industry’s
settlement ratio declined to 96.76 per cent in 2019-20 from Shareholder’s) including capital gains and other income was
Rs. 2.37 lakh crore in 2019-20 (Rs. 2.24 lakh crore in 2018-
97.64 per cent in 2018-19 and the repudiation ratio
19). In case of private insurers, the negative investment
increased to 1.02 per cent compared to that of 0.74 per
cent in 2018-19. income (loss) including capital gains was at Rs. 3,106 crore
in 2019-20 (Investment income Rs. 61,158 crore in 2018-
In case of Group Life Insurance business, out of 10.26 lakhs 19).
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46 July - December 2020 Life Insurance Today