Year and Insurer wise Forfeiture/Lapsed Policies in respect of Individual Non-Linked Business(Excluding VIP) Within India of Life Inusurance

The dataset contains Year Wise Insurer Wise Forfeiture/Lapsed Policies in respect of Individual Non-Linked Business of Life insurance from Handbook on Indian Insurance Statistics Note: 1. A policy is treated as lapsed if the premium is not paid within the grace period (generally ranging from 15 to 30 days) 2. Lapse Ratio during the year = Lapses (including forfeitures) during the year/Arithmetic Mean of the business inforce at the beginning and at the end of the year 3 Information pertaining to Exide Life Insurance Company Limited has not been furnished due to merger with HDFC Life Insurance Company Limited effective from the end of 14th October 2022. 4 Information with respect to Sahara India Life Insurance Company Limited has not been provided in the absence of annual valuation data and transfer of business of Sahara India Life Insurance Company Limited to SBI Life Insurance Company Limited vide IRDAI order no IRDAI/F&I/ORD/MISC/119/6/2023 dated 2nd June, 2023. 5. “Life insurance business of Sahara India Life Insurance Company Ltd (SILIC) is transferred to SBI Life Insurance Company Ltd (SBI Life) by IRDAI vide its Order dt. 2.6.2023 and the above data / information for the FY 2023-24 does not include data / information pertaining to SILIC". 6. Acko Life Insurance Ltd. and Credit Access Life Insurance Ltd. have received Certificate of Registration from the Authority on 31.03.2023 and Go Digit Life Insurance Ltd. has received Certificate of Registration from the Authority on 09.06.2023.