Lok Sabha Question No. 1071 (UNSTARRED), answered on 2016-07-22
Subject: Lapsed LIC Policies
Ministry: FINANCE
Asked by: KAUSHALENDRA KUMAR

## Government of India Ministry of Finance Department of Financial Services Lok Sabha Unstarred Question No. †1071

To be answered on Friday, July 22, 2016/Ashadha 31, 1938 (Saka)

## Lapsed LIC Policies

†1071. SHRI KAUSHALENDRA KUMAR: Will the Minister of FINANCE be pleased to state:

- (a)   the details of policies of Life Insurance Corporation (LIC) of India lapsed along with the amount lying with them during the last three years, year-wise, Company-wise;
- (b)  whether lapsed policies are also lying with private life insurance companies during the last three years; and
- (c)   if so, the details thereof?

## Answer

Minister of State in the Ministry of Finance (Shri Santosh Kumar Gangwar)

- (a) The details of policies of  Life Insurance Corporation (LIC) of India lapsed during the last three years is as follows:

(in lakhs)

| Financial Year            |   2012-13 |   2013-14 |   2014-15 |
|---------------------------|-----------|-----------|-----------|
| Number of policies lapsed |       148 |       158 |       112 |

As  per  Insurance  Regulatory  and  Development  Authority  of  India  (IRDAI),  the premium received under all the policies  (whether  in  force,  paid  up  or  lapsed)  net  of expenses and benefits paid will be part of the life fund maintained by the life insurance company.

- (b) & (c) The number of lapsed policies with private life insurance companies for the years 201213 to 2014-15 given in Annexure - I.

*****

Annexure I

## INDIVIDUAL BUSINESS (WITHIN INDIA) - DETAILS OF FORFEITURE/ LAPSED POLICIES

| Sl No.   | Insurer                        |   2012-13 (in '000) |   2013-14 (in '000) |   2014-15 (in '000) |
|----------|--------------------------------|---------------------|---------------------|---------------------|
| 1        | Aegon Life                     |               33.08 |               30.79 |               16.72 |
| 2        | Aviva Life                     |               63.02 |               74.17 |               58.08 |
| 3        | Bajaj Allianz Life             |              459.24 |              490.73 |              371.54 |
| 4        | Bharti Axa Life                |               78.01 |               50.87 |               62.16 |
| 5        | Birla Sun Life                 |              528.4  |              363.19 |              269.03 |
| 6        | Canara HSBC OBC Life           |                9.07 |               17.21 |               16.45 |
| 7        | DHFL Pramerica Life            |               35.22 |               59.74 |               39.58 |
| 8        | Edelweiss Tokio Life           |                5.58 |               38.87 |               50.96 |
| 9        | Exide Life                     |              110.83 |              101.09 |               99.21 |
| 10       | Future Generali Life           |              105.11 |               79.56 |               73.88 |
| 11       | HDFC Standard Life             |              109.52 |              161.42 |              156.35 |
| 12       | ICICI Prudential Life          |              511.29 |              446.52 |              405.78 |
| 13       | IDBI Federal Life              |               35.76 |               40.56 |               40.02 |
| 14       | IndiaFirst Life                |                3.53 |               15.64 |               25.12 |
| 15       | Kotak Mahindra Old Mutual Life |               63.68 |               62.69 |               58.75 |
| 16       | Max Life                       |              236.22 |              217.45 |              201.16 |
| 17       | PNB Met Life                   |               61.98 |              101.47 |               86.8  |
| 18       | Reliance Life                  |              588.82 |              466.99 |              329.04 |
| 19       | Sahara Life                    |               36.06 |               35.03 |               28.16 |
| 20       | SBI Life                       |              202.3  |              356.41 |              248.12 |
| 21       | Shriram Life                   |               57.4  |              114.37 |               93.35 |
| 22       | Star Union Dai-Ichi Life       |               35.04 |               58.71 |               52.79 |
| 23       | Tata AIA Life                  |              161.43 |              135    |               82.02 |
|          | Private Total                  |             3530.59 |             3518.48 |             2865.07 |
| 24       | LIC                            |            14819.5  |            15810.6  |            11259.4  |
|          | Grand Total                    |            18350    |            19329.1  |            14124.5  |