IRDAI’s Annual Report 2022-23: Data comparison in LIC policies

IRDAI’s Annual Report 2022-23: Data comparison in LIC policies

IRDAI has recently released the annual report related to life insurance policies data in the fiscal year 2022-23. There is a slight dip in the share of life insurance policies sold to women from the last year.

The share of women in the life insurance policies for the year 2022-23 is 34.2% marginally dipped from the last year share of 34.7% in 2021-22 according to the annual report of Insurance Regulatory and Development Authority of India.

In 2022-23, the number of life insurance policies which have been issues to women in India is around 97.38 lakh and the number of total life insurance policy is 2.84 crore.

Apart from that the share of policies sold to women by Life Insurance Corporation is higher than the private counterpart by reaching 35.81 percent irrespective of 30.13 percent.

States’ performance in 2022-23:

Karnataka has topped the list in terms of life insurance policies sold to women accounted 44.23 percent and followed by Kerala ( 43.96) and Mizoram( 42.97)  on second and third respectively. Some other states across the country have also performed well in the term of policies sold to women.

Sikkim with a share of 42.6 percent and Meghalaya with 41.81 percent have secured a remarkable position in the list. There are also some states and Union Territories who have performed the lowest such as Ladakh with 23.1 percent of women share in policies followed by Haryana( 27.16) ,Jammu and Kashmir (28.07) and Uttar Pradesh with 29.53 percent of women share in policies respectively.

More finding:

The report further stated that in the fiscal year 2022-23, the Life Insurance Corporation is paying around 27.61 percent of commission from the first year premiums to its agents. It is to be noted that this data comprises the average rate of commission of the policies. However some policies have higher commission and others have lower commission.

As per the annual report by Insurance Regulatory and Development Authority of India, the premium collected from non Linked policies is higher than the unit Linked policies offering life coverage. The total premium of non Linked policies increased to 5,05,741.57 crore from 4,45,678 crore and on the other hand the total premium from unit Linked policies increased to 91,479.51 crore from 88,625.45 crore.

Conclusion:

Insurance penetration is the top most priority of Insurance Regulatory and Development Authority of India. It aims to achieve the target of “Insurance by all” by the year of 2047. IRDAI is continuously growing and with its ambitious initiatives, it is not far away when every person around the country will be insured.

Important Questions:

1. Describe the insurance penetration among women in India by the Annual report of Insurance Regulatory and Development Authority of India?
2. What is Insurance Regulatory and Development Authority of India? Describe its work and objectives.

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