SBI Life Policyholder paid 1 Lac.; Received 10 K!

Here is a First Premium Receipt, Foreclosure Letter and relevant cheque of a SBI Life Policyholder. According to him, he paid a single premium of Rs.1 Lakh and the SBI Life Agent remitted it as yearly premium, without his consent.  Whatever it may be, he paid Rs.1,00,000.00 on 8.3.2006 and SBI Life foreclosed the policy and refunded him Rs.10,865.80 on 7.9.2009.

You can download the pdf version here.

Courtesy: x+ Rtn.V. Meenakshi Sundaram,
                       Professional Agent,
                       Life Insurance Corporation of India &
                       The Oriental Insurance Co Ltd,
                       Trichy.

Death Claim Settlement Ratio 2008-09

Settlement ratio of individual death claims by Life Insurance Cos. during 2008-09

Compiled by Arivukkadal 

Download here

Ready Reckoner for Nischay Returns

A ready reckoner for Jeevan Nischay returns.

Download here

Sent by:
Mr.RAKESH D UPADHYAY

DEVELOPMENT OFFICER, Surat.

Lapse ratio of ICICI - 53%, Aviva - 59% - Pvt. Cos.' Lapse Ratio doubled in 2008-09

According to the Insurance Regulatory and Development Authority (Irda),around 9.1 million policies lapsed in 2009 and some private sector insurershave shown a lapse ratio as high as 50% or even more. In fact, for the private players, the value of lapsed policies almost doubled in2009.

The lapse ratio for ICICI Prudential Life Insurance Co. Ltd, the life insurance arm of India’s largest private sector lender ICICI Bank Ltd, stood at 53% in 2009, up from 40% in the previous year.  

In terms of lapse ratio, Aviva Life Insurance Co. India Ltd, leads the list with 59% policies lapsed.

The Reliance-Anil Dhirubhai Ambani Group-controlled Reliance Life Insurance Co. Ltd saw its lapse ratio almost double—40% in 2009 against 21% a year ago.

The lapse ratio for India’s largest and the only state-owned life insurer Life Insurance Corp. of India (LIC) declined to 4% for 2009 from 6% in the previous year.

Business figures of Life Insurance Cos. upto 31.12.2009

The New Business figures of all Life Insurance Companies released yeterday by IRDA.


Download it here (in xls format).

Presentation of modified Market Plus I (191)

Market Plus I (191) is being relaunched with modifications required by the new guidelines of IRDA.  Here is a simple presentation to explain the changes.

Market Plus Presentation