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Indian Life Insurance Death Benefits Payout Soars 21% In Q1

Has paid 20.74% higher death benefit claims to its policy-holders at Rs 1,717crore during the first quarter of the current fiscal

According to the Life Insurance Council, Indian life insurance industry has paid 20.74% higher death benefit claims to its policy-holders at INR17.17 billion, during the first quarter of the current fiscal – reported Times of India.

Life Insurance Council, said: “During April-June 2009 quarter, the Indian life insurance industry paid INR17.17 billion as death claims to its policy-holders compared to INR14.22 billion during the same period last year.

The private sector life insurance companies have paid 57.35% higher death claims during the first quarter at INR3.21 billion, as against INR2.04 billion during the same quarter last year.

S B Mathur, secretary general of Life Insurance Council, said: “The economic downturn has in no way impacted the Indian life insurance industry, with respect to the payment of death benefit. In fact, it is significant to note that the death benefit on the contrary, has increased.”

The total benefit, which comprises death benefit, maturity benefits, periodic bonuses, periodic money-back and other benefits, too has gone up 21.12% to INR120.56 billion during the quarter, as compared to INR99.53 billion in the corresponding quarter last year.

Life Insurance Council is the industry body representing 21 life insurance companies in India.