(a) whether the Government is aware that a large number of insurance lapsed every year;
(b) if so, the detals thereof; and
(c) the corrective steps taken by the Government in this regard?
(a) whether the Government is aware that a large number of insurance lapsed every year;
(b) if so, the detals thereof; and
(c) the corrective steps taken by the Government in this regard?
MINISTER OF THE STATE IN THE MINISTRY OF FINANCE (SHRI PAWAN KUMAR BANSAL)
(a)& (b): The Life Insurance Corporation of India (LIC) has reported that around 5% of
its policies lapse every year and details of the policies which lapsed during the last
three years are as under:-
Year Mean Business Number of policies %lapsed in force lapsed during the year
2003-04 14,63,53,01 76,37,200 5.22 2004-05 15,84,36,032 85,33,424 5.39 2005-06 17,12,57,388 95,50,596 5.58