20% drop in death claims as Covid impact ebbs
LIC settled death claims of Rs5,743 cr in Q1 as against Rs7,111 cr in Q1 of FY22
image for illustrative purpose
New Delhi: Insurance behemoth LIC witnessed a decline of nearly 20 per cent in death claims in the first quarter of this fiscal with the Covid impact seen to be ebbing, though the amount is still higher than pre-2020 levels, officials said.
In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, for which Q1 of this year was Rs5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts. "So there is quite a decrease, and it's quite obvious that whatever decrease was there based on COVID... going away now, Q1 to Q1 of the previous year," Kumar said. The claim rates had been very stable before the pandemic, said Dinesh Pant, Executive Director and Appointed Actuary, Life Insurance Corporation (LIC). He added that there was a spike in claims in the last two years due to COVID.
