The total benefits paid by private life insurance companies to policyholders rose by 5.98 per cent to Rs 1.57 trillion during 2022-23. This figure stood at Rs 1.49 trillion in the corresponding year-ago period. On the other hand, Life Insurance Corporation of India (LIC) paid out 4 per cent fewer benefits at Rs 3.39 trillion from Rs 3.53 trillion in 2021-22. The total benefits paid by the insurance companies dropped to Rs 4.96 trillion during 2022-23 from Rs 5.02 trillion in the corresponding year-ago period. The total benefits paid in the period under consideration constitutes 64 per cent of the net premium.
