(a) the number of policies of Life Insurance Corporation of India cancelled due to
non-payment of sums assured by the insurance holders; and
(b) the total amount involved in such policies?
(a) the number of policies of Life Insurance Corporation of India cancelled due to
non-payment of sums assured by the insurance holders; and
(b) the total amount involved in such policies?
The Minister of State in the Ministry of Finance (SHRI PAWAN KUMAR BANSAL)
(a): The Life Insurance Corpoiaitiort of India (LlC) has reported that the total number of
policies which lapsed due to non-payment of premium by the poUcyholders in the financial year
2006-07 were 77,73,718.
(b): The total annual premium involved in the lapsed policies in the financial year 2006-07
was Rs.3334.82 orore.