Page 47 - Life Insurance Today July - December 2020

Table I.15: Death Claims of Life Insurers (2019-20)
Insurer Percentage to total number of claims
Total No. Claims Claims Claims Un- Claims
of Claims paid repudiated rejected claimed pending at
end of year
Individual Life Insurance Business
LIC 7,58,916 96.69 0.81 0.29 1.44 0.77
Private Sector 1,15,933 97.18 2.42 0.08 0.05 0.28
Total 8,74,849 96.76 1.02 0.26 1.26 0.71
Group Life Insurance Business
LIC 2,17,984 91.08 0.18 --- --- 8.75
Private Sector 8,07,998 98.94 0.21 0.06 0.006 0.79
Total 10,25,982 97.27 0.20 0.05 0.005 2.48

Chart I.10: Duration wise Breakup of Pending Claims of Life Insurers (%)

Table I.16: Investment Income of Life Insurers Profits of Life Insurers
(Rs. crore) During the financial year 2019-20, the life insurance
Insurer 2018-19 2019-20 industry reported a profit after tax of Rs. 7,728 crore as
against Rs. 8,436 crore in 2018-19. Out of the 24 life
LIC 2,23,642.30 2,36,849.71
insurers in operation during 2019-20, 17 companies
Private Sector 61,158.07 -3,105.97* reported profits.
Total 2,84,800.37 2,33,743.74
The total profit reported by LIC during the year under
Note: consideration was Rs. 2,713 crore (Rs. 2,689 crore in the
1. *Include negative movement in the fair value of Unit previous year). The private insurers together reported
Linked Assets. profit after tax of Rs. 5,016 crore (Rs. 5,747 crore in the
2. Investment income excludes dividend distribution tax previous year).

"Never ignore someone you love, or they may learn to live without you."

Life Insurance Today July - December 2020 47