Page 134 - Insurance Statistics 2021

HANDBOOK ON INDIAN INSURANCE STATISTICS 2019-20

TABLE 26: INDIVIDUAL BUSINESS (WITHIN INDIA)(EXCLUDING VIP) -
DETAILS OF FORFEITURE / LAPSED POLICIES IN RESPECT OF NON-LINKED BUSINESS (Contd... 26)

Insurers Lapse Ratio (Based on number of policies) (In percent)
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20

Aditya Birla Sun Life 46.89 34.60 22.83 18.40 17.17 11.21 8.35

Aegon 14.59 9.13 4.29 4.86 5.30 5.54 4.33
AVIVA Life 22.19 16.35 10.43 7.59 3.94 3.69 3.54

Bajaj Allianz 14.00 15.67 10.02 5.93 3.02 2.53 2.65
Bharti AXA 24.72 16.71 9.91 9.24 10.61 10.00 21.58

Canara HSBC 29.62 23.38 20.88 12.92 10.16 12.50 11.48
Edelweiss Tokio 52.44 32.74 17.81 10.36 9.17 10.98 12.01

Exide Life 11.34 10.67 6.37 3.70 2.19 2.06 2.22
Future Generali 16.01 22.35 17.59 9.19 8.62 12.24 10.18

HDFC 6.13 6.74 4.54 7.68 7.18 6.68 6.30
ICICI Prudential 26.87 24.06 13.89 6.05 7.54 9.47 9.60

IDBI Federal 13.60 11.57 9.85 9.68 8.71 5.88 5.62

IndiaFirst 28.84 27.60 25.46 16.25 14.61 14.53 10.02
Kotak Mahindra 5.71 9.60 7.56 7.10 6.59 5.86 4.64

Max Life 9.03 7.69 5.40 4.32 4.38 4.33 5.05
PNB Metlife 23.25 17.90 11.04 10.20 9.57 8.16 5.37

Pramerica 40.65 26.69 18.73 13.49 10.01 8.30 9.07
Reliance Nippon 19.40 13.42 9.95 8.47 5.50 3.76 3.48

Sahara 18.08 11.81 8.69 3.60 2.15 0.86 0.24

SBI Life 7.58 8.83 13.78 14.52 10.96 8.01 6.55
Shriram 45.12 26.34 29.85 33.78 23.67 17.30 19.08

Star Union Dai-ichi 35.04 29.23 15.03 13.37 13.05 11.55 11.48
TATA AIA 8.49 9.74 4.79 3.92 4.80 4.26 8.96

LIC 5.69 4.01 2.76 2.54 2.25 2.24 2.63

A policy is treated as lapsed if the premium is not paid within the grace period (generally ranging from 15 to 30 days)
Lapse Ratio during the year = Lapses (including forfeitures) during the year/Arithmetic Mean of the business inforce at the
beginning and at the end of the year
Source of Data: Actuarial Report and Abstract for various years

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