Five years after life insurance policies are sold, two-thirds of them are lapsed by the buyers. Everybody loses because of this - the industry as well as the customers
The Insurance Regulatory and Development Authority of India (Irdai), in its Handbook on Indian Insurance Statistics 2015-16, has provided persistency figures of the life insurance industry-and they are not looking good. For FY2016, the life insurance industry, on average, had a persistency of 61% in the 13th month, which means: 1 year after the sale, only 61 out of every 100 policies were renewed.
This article was originally published on April 24, 2017.
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