Covid distress? Sharp surge in surrender of insurance policies | India News,The Indian Express

A national lockdown announced by the government on March 24, 2020, following the Covid-19 outbreak, had forced many people out of jobs across the country, resulting in loss of livelihood and salary cuts.

Thursday, Aug 25, 2022

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		HomeIndiaCovid distress? Sharp surge in surrender of insurance policies		

							
													Covid distress? Sharp surge in surrender of insurance policies
													
														A national lockdown announced by the government on March 24, 2020, following the Covid-19 outbreak, had forced many people out of jobs across the country, resulting in loss of livelihood and salary cuts.
															
					
											
						
														
								
									
										
											
																									
													
														 Written by 					Shyamlal Yadav
					
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	 New Delhi | Updated: August 25, 2022  11:52:01 am														
													
															
													
												
												


		
		
			
				
			
		
		
			
				
			
		
		
			
				
			
		
	

											
											
														
														
														
													As many as 16 of the 24 insurers witnessed an increase in premature selling of policies by policyholders compared with the previous year, an analysis of the quarterly disclosure made by the insurance companies reveals. (Express photo: Amit Chakravarty)OVER 2.30 crore life insurance policies were surrendered by policyholders in 2021-22, much ahead of their maturity. This is more than three times the number of policies (69.78 lakh) surrendered prematurely in 2020-21.

A national lockdown announced by the government on March 24, 2020, following the Covid-19 outbreak, had forced many people out of jobs across the country, resulting in loss of livelihood and salary cuts. The pandemic also led to increased expenses due to medical emergencies. To mitigate the distress, the government announced several measures including moratorium on loans and partial withdrawal from EPF balances. But with the pandemic persisting even in 2021-22, many took to selling prematurely their life insurance policies to realise some funds.

As many as 16 of the 24 insurers witnessed an increase in premature selling of policies by policyholders compared with the previous year, an analysis of the quarterly disclosure made by the insurance companies reveals.

State-owned behemoth Life Insurance Corporation Companies noticed a sharp jump in the number of surrendered policies in 2021-22 when compared with the previous year. LIC has a market share of almost 64 per cent in the life insurance business.

https://indianexpress.com/article/india/covid-distress-sharp-surge-in-surrender-of-insurance-policies-8110025/


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