The benefits paid on account of surrenders / withdrawals increased at Rs 99,265 crore in the Indian life insurance industry , of which state owned Life Insurance Corporation(LIC) accounted for Rs 51677.91 crore and private sector Rs 47587.09 crore.
The comparative previous year statistics were Rs 90005.40 crore, of which LIC accounted for Rs 44924.56 crore and private sector paid Rs 45080.85 crore.
In case of LIC, out of the Rs 51677.91 crore surrenders, ULIP policies accounted for Rs 8087.82 crore (15.65)
The life industry paid benefits of Rs 277953.63 crore in 2017-18 (`Rs 236339.87 crore in 2016-17) constitutes 60.58 percent of the gross premium underwritten (56.48 percent in 2016-17).
The benefits paid by the private insurers was Rs81235.59 crore (Rs 69463.00 crore in 2016-17) constituting 57.78 percent of the premium underwritten (58.87 percent in 2016-17).LIC paid benefits of Rs 196718.04 crore in 2017-18, constituting 61.82 percent of the premium underwritten (Rs 166876.88 crore in 2016-17, 55.53 percent of the premium underwritten).