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Tuesday, August 18, 2009

Life insurers death claims payout up 21%

The Indian life insurance industry has paid 20.74% higher death benefit to its policyholders during the April - June 2009 quarter at Rs 1,717 crore as compared to Rs 1,422 crore paid during the corresponding quarter last year, as per the data released by Life Insurance Council, the industry body of life insurance companies in India.

The private sector life insurance companies have paid 57.35% higher death claims during the April - June 2009 quarter at Rs 321 crore(Rs 204 crore).

SB Mathur, secretary general of Life Insurance Council, said, "The downturn has no way impacted the Indian 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."

The total benefit, which comprises death benefit, maturity benefits, periodic bonuses, periodic money back and other benefits, too, has gone up 21.12 % to Rs 12,056 crore (Rs 9,953 crore) during the April - June 2009 quarter . Total benefits paid by the private sector grew 35% to Rs 2,123 crore (Rs 1,573 crore) during the April - June 2009 quarter.

source: Indian Express

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