A large chunk of insurance policies from private insurers lapsed because investors didn’t pay their renewal premium, data from the IRDA’s Handbook of Statistics reveal.
The lapse ratio was as high as 51 per cent for Birla Sun Life Insurance, 49 per cent for Future Generali and at 42 per cent and 36 per cent, respectively, for ICICI Prudential and Bharti Axa Life in 2011-12.
Lapse ratio is the proportion of policies where renewal premium was not paid.
The Life Insurance Corporation has, however, maintained lapse ratios at 4-5 per cent over the last few years.
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