Life Insurance Policy: More than 2 crore insurance policies surrendered in a year, know what are the reasons

Life Insurance Policy Maturity: Due to the Corona Pandemic, the lockdown in the country has led to the loss of most of the people. A large number of people of the country have become a victim of financial crisis and still people have not been able to recover from that crisis. Therefore, in order to maintain themselves and their families, a large number of people are closing their life insurance policy i.e. life insurance policy before maturity. Most of the insured in the country are getting their life insurance policy closed before it matures.

2.30 crore policy closed
In the financial year 2021-22, 3 times i.e. 2.30 crore insurance policies have been closed before maturity as compared to the financial year 2020-21. There has been a rapid increase in the number of surrender policy holders of 16 out of 24 insurance companies working for the insurance sector.

Surrender of insurance of these companies
There has been an increase in the number of policyholders who prematurely closed the insurance policies of various insurance companies in FY 2022 as compared to the previous financial year. The number of surrender insurance policies of 16 companies out of 24 insurance companies across the country has increased by 3 times in the financial year 2021-22 as compared to the financial year 2020-21. That is, the policyholders are getting the insurance policies of the insurance companies closed before the stipulated time. 69.78 lakh life insurance policies were surrendered in the financial year 2020-21 and 2.30 crore insurance policies have been prematurely closed in the financial year 2021-22.

Reports from these companies
Insurance sector giants in the country include Life Insurance Corporation of India, Max Life Insurance, ICICI Prudential, HDFC Life and Bajaj Allianz. Huh. People are surrendering the policies of these companies. The list also includes Aditya Birla Sunlife, Kotak Mahindra, Tata AIA, Exide Life Insurance, Canara-HSBC, Shriram Life Insurance, Future Generali India, Ageas Federal Life Insurance, Edelweiss Tokio Life Insurance, Aviva Life Insurance and Bharti AXA.

LIC surrenders Rs 43,306 plan
The average surrender value of life insurance policies in the financial year 2021-22 was Rs 62,552, the average surrender value in the financial year 2020-21 was Rs 1,67,427. In the financial year 2021-22, LIC has surrendered 2.12 crore insurance policies. Whose surrender value was only Rs 43,306, while in the financial year 2020-21, the surrender value was Rs 1,49,997.

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