Lok Sabha Question No. 3925 (UNSTARRED), answered on 2019-01-04
Subject: Revival of Lapsed Insurance Policies
Ministry: FINANCE
Asked by: ANIL SHIROLE

Government of India Ministry of Finance Department of Financial Services Lok Sabha Unstarred Question No. 3925

Friday, January 4, 2019/Pausha 14, 1940 (Saka)

## Revival of Lapsed Insurance Policies

## 3925. SHRI ANIL SHIROLE:

Will the Minister of FINANCE be pleased to state:

- (a) the details of the number of subscribers of insurance policies across the country, State/UT-wise including Maharashtra;
- (b) the details of the period of revival of a lapsed insurance policy, at present;
- (c)  whether  the  Government  is  planning/proposing  to  make  any  amendment  under insurance policies including the revival period across the country;
- (d) if so, the details thereof and the reasons therefor; and
- (e) the time by which it is likely to be amended?

## Answer Minister of State in the Ministry of Finance (Shri Shiv Pratap Shukla)

(a) to (e): State / Union Territory-wise data on number of life insurance policies in force as  at  31.03.2017  is  placed  at  Annexure  I.  Further,  the  State/Union  Territory-wise number of new individual policies sold and number of Group Lives covered under life insurance for the financial year 2017-18, is placed at Annexure II.

The  revival  period  is  stipulated  as  per  IRDA  (Non-Linked  Insurance  products) Regulations,  2013  and  the  IRDA  (Linked  Insurance  products)  Regulations,  2013.  At present, as per these regulations, the 'Revival Period' means a period   of two consecutive years from the date of discontinuance of the policy, during which period the policyholder  is  entitled  to  revive  the  policy  which  was  discontinued  due  to  the  nonpayment of premium. In other words, a life insurance policyholder can revive a policy within 2 years from the date of discontinuance of such policy.

## Annexure I referred to in reply to Lok Sabha Unstarred Question No. 3925 for 4 th  January, 2019

Number of life insurance policies in force (State/UT- wise) as at 31.03.2017

| State                    | Policies in Force as at 31.3.2017   |
|--------------------------|-------------------------------------|
| Andaman &Nicobar Islands | 92,571                              |
| Andhra Pradesh           | 1,52,51,440                         |
| Arunachal Pradesh        | 1,38,039                            |
| Assam                    | 69,47,253                           |
| Bihar                    | 1,73,92,015                         |
| Chandigarh               | 6,07,065                            |
| Chhattisgarh             | 43,75,990                           |
| Dadra &Nagar Haveli      | 94,868                              |
| Daman &Diu               | 78,827                              |
| Goa                      | 13,31,172                           |
| Gujarat                  | 2,12,49,918                         |
| Haryana                  | 66,10,246                           |
| Himachal Pradesh         | 26,12,508                           |
| Jammu &Kashmir           | 15,42,897                           |
| Jharkhand                | 68,05,690                           |
| Karnataka                | 2,21,92,994                         |
| Kerala                   | 1,24,91,271                         |
| Lakshadweep              | 6,638                               |
| Madhya Pradesh           | 1,18,72,770                         |
| Maharashtra              | 4,29,12,110                         |
| Manipur                  | 3,17,867                            |
| Meghalaya                | 1,94,843                            |
| Mizoram                  | 40,121                              |
| Nagaland                 | 1,42,498                            |
| Nct Of Delhi             | 89,22,955                           |
| Odisha                   | 1,14,89,766                         |
| Puducherry               | 4,12,073                            |
| Punjab                   | 65,49,857                           |
| Rajasthan                | 1,54,52,468                         |
| Sikkim                   | 1,52,567                            |
| Tamil Nadu               | 2,11,26,937                         |
| Telangana                | 1,17,84,244                         |
| Tripura                  | 9,47,323                            |
| Uttar Pradesh            | 3,42,60,638                         |
| Uttarakhand              | 31,80,794                           |
| West Bengal              | 3,04,79,931                         |
| Total                    | 32,00,61,164                        |

*Source: Insurance Regulatory and Development Authority of India (IRDAI)

## Annexure II referred to in reply to Lok Sabha Unstarred Question No. 3925 for 4 th  January, 2019

State/UT wise New Individual Policies & Group Lives of Life Insurance Industry

| State / Union Territory   | Financial Year 2017-18     | Financial Year 2017-18   |
|---------------------------|----------------------------|--------------------------|
|                           | No. of Individual Policies | No. of Group Lives       |
| Andhra Pradesh            | 1313927                    | 22842141                 |
| Arunachal Pradesh         | 12745                      | 3883                     |
| Assam                     | 818545                     | 1275109                  |
| Bihar                     | 1542813                    | 857834                   |
| Chattisgarh               | 507292                     | 2685962                  |
| Goa                       | 96699                      | 90690                    |
| Gujarat                   | 1391043                    | 1968717                  |
| Haryana                   | 653554                     | 2024127                  |
| Himachal Pradesh          | 246751                     | 66105                    |
| Jammu &Kashmir            | 182556                     | 182134                   |
| Jharkhand                 | 593930                     | 562119                   |
| Karnataka                 | 1614713                    | 20146041                 |
| Kerala                    | 876293                     | 3160920                  |
| Madhya Pradesh            | 1272485                    | 811363                   |
| Maharashtra               | 3647033                    | 39832330                 |
| Manipur                   | 31133                      | 16550                    |
| Meghalaya                 | 18808                      | 11612                    |
| Mizoram                   | 5209                       | 17888                    |
| Nagaland                  | 17558                      | 3260                     |
| Odisha                    | 1298050                    | 2449369                  |
| Punjab                    | 652894                     | 628023                   |
| Rajasthan                 | 1478424                    | 4068825                  |
| Sikkim                    | 16236                      | 1817                     |
| Tamil Nadu                | 1692421                    | 13051280                 |
| Telangana                 | 907064                     | 18263611                 |
| Tripura                   | 105023                     | 41765                    |
| Uttar Pradesh             | 3063585                    | 6618590                  |
| UttraKhand                | 320378                     | 105212                   |
| West Bengal               | 2840440                    | 21768003                 |
| Andaman &Nicobar Islands  | 5367                       | 3379                     |
| Chandigarh                | 81714                      | 264916                   |
| Dadra &Nagrahaveli        | 1933                       | 1956                     |
| Daman &Diu                | 5125                       | 4173                     |
| Delhi                     | 811883                     | 6428199                  |
| Lakshadweep               | 125                        | 3                        |
| Puducherry                | 38868                      | 63132                    |
| Total                     | 28162617                   | 170321038                |