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ANNUAL REPORT 2007-08

Private Total 15

83153 874901

209.74 871.23

LIC 7583

854615 11367126

1613.36 19256.23

Industry Total 7598

937768 12242027

1823.10 20127.46

Note: New business premium includes first year premium and single premium.

A major percentage of micro-insurance business was procured under group portfolio. While the individual new business procured in the year was Rs. 18.23 crore under 9.38 lakh policies, the group business amounted to Rs. 201.27 crore under 1.22 crore lives. LIC contributed most of the business procured in this portfolio by garnering Rs. 16.13 crore of individual premium from 8.54 lakh lives and Rs. 192.56 crore of group premium under 1.14 crore lives.

The number of micro insurance agents stands at 4584 as at the end of the financial year, out of which 4166 belong to LIC alone. Nine life insurers have so far launched 26 micro-

Benefit

No of Lives

Benefit

No of Lives

Benefit

No of Lives

Benefit

Amount

Amount

Amount

Amount

259.81

1730

252.12

38

5.00

17

2.69

(96.92)

(97.04)

(2.13)

(1.92)

(0.95)

(1.04)

11840.00

41958

11836.80

-

-

6

3.20

(99.99)

(99.97)

-

-

(0.01)

(0.03)

12099.81

43688

12088.92

38

5.00

23

5.89

(99.86)

(99.91)

(0.09)

(0.04)

(0.05)

(0.05)

Private Total

Note: Figure in brackets show percentage of the respective total claims

LIC

41964

Industry Total

43749

1785

TABLE 43 GROUP DEATH CLAIMS UNDER MICRO-INSURANCE PORTFOLIO — 2007-08

Total claims payable

No of Lives

Claims paid

(Benefit Amount in Rs. lakh)

Claims repudiated

Claims pending at end of year

No of Lives

Benefit Amount

No of Lives

Benefit Amount

No of Lives

Benefit Amount

No of Lives

Private Total

182

130 (71.43) 309 (97.17) 439 (87.80) Note: Figure in brackets show percentage of the respective total claims

23.07

LIC

318

47.25

Industry Total

500

70.32

16.33 (70.78) 45.82 (96.97) 62.15 (88.38)

30 (16.48) 1 (0.31) 31 (6.20)

4.06 (17.60) 0.13 (0.28) 4.19 (5.96)

22 (12.09) 8 (2.52) 30 (6.00)

TABLE 44 INDIVIDUAL DEATH CLAIMS UNDER MICRO- INSURANCE PORTFOLIO— 2007-08

2.68 (11.62)

Total claims payable

1.30 (2.75)

3.98 (5.66)

Claims paid

(Benefit Amount in Rs. lakh)

Claims repudiated

Claims pending at end of year

Benefit Amount

52

52

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