For the life insurance industry in India, getting customers to hold onto their policy remains an uphill task. A large part of the problem has to do with the fact that these policies are sold and bought for all the wrong reasons. And the impact so far has been disastrous. According to the financial year (FY) 2014-15 numbers reported in the handbook of statistics by Insurance Regulatory and Development Authority of India (Irdai), other than one (IDBI Federal Life Insurance Co. Ltd), the remaining 22 insurers were unable to retain even half the policies they sold five years back, and one ‘young’ insurer didn’t have five-year-old policies.
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