The life insurance industry has paid around Rs 1,717 crore as death benefit to policy holders between April and June 2009 compared with Rs 1,422 crore during the corresponding quarter last year (an increase of 20.74 per cent), according to Life Insurance Council, the body governing life insurance companies in India.
In April-June 2009, private sector life insurance companies have paid Rs 321 crore in death claims compared with Rs 204 crore in the year-ago quarter, an increase of 57.35 per cent.
Life Insurance Council Secretary General S B Mathur said, “Economic downturn has not impacted the Indian life insurance industry as far as payment of death benefits is concerned. In fact, it is significant to note that death claims have increased.”
The total benefit, which comprises of death benefit, maturity benefits, periodic bonuses, periodic money back and other benefits, too has gone up 21.12 per cent to Rs 12,056 crore during the April-June 2009 quarter as compared to Rs 9,953 crore during the corresponding quarter last year.
Total benefits paid by the private sector grew 35 per cent to Rs 2,123 crore during the April-June 2009 quarter compared with Rs 1,573 crore in the year-ago quarter, Mathur said.