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71 death claim under micro insurance portfolio
1.
KIJECBM/JUL-SEP15/VOL-2/ISS-3/A4 ISSN:2348-4969 IMPACT FACTOR(2015)
- 3.9581 Copyright © 2015 Published by kaav publications. All rights reserved www.kaavpublications.org 38 KAAV INTERNATIONAL JOURNAL OF ECONOMICS,COMMERCE & BUSINESS MANAGEMENT DEATH CLAIM UNDER MICRO INSURANCE PORTFOLIO Dr. C. Param Assistant S.Raj Ph.D Resea Periyar EVR Coll Tiruch Abstract Insurance is needed to everyon are available in different segments and p red by all registered life insurance companies and nt of the population such as Janata Personal Acc cy, Cattle or live stock insuranc micro insurance policies offered b Micro insurance being a low pric s mainly on keeping the transacti scuss the overview of micro insurance death cla Key Wo d group category, policy holder Introdu P death benefit shall be payable as Death due to any reason o remium policies “Sum Assured on Death” shall be payable which is defined as high as 10 times of annualised premium or 105 per cent of all the premium paid as on date of death or sum assured on maturity or absolute amount assured to be paid on death where absolute amount assured to be paid on death is sum assured. The premiums mentioned above exclude taxes and extra premium, if any, for single premium policies. “sum assured on death” shall be payable which is defined as higher as 125 per cent of single premium excluding the taxes and extra premium, if any or absolute amount assured to be paid on death where absolute amount assured to be paid on death is sum assured. If Death is due to accident, an additional sum equal to sum assured shall also be payable. With this aspect this paper consists of
2.
KIJECBM/JUL-SEP15/VOL-2/ISS-3/A4 ISSN:2348-4969 IMPACT FACTOR(2015)
- 3.9581 Copyright © 2015 Published by kaav publications. All rights reserved www.kaavpublications.org 39 individual and group category of death claim, duration wise settlement of death claim of micro insurance in India. Literature Review Kirti Singh and Vijay Kumar Gangal (2011) noted that Micro insurance is of supreme importance for protecting poor lives against accidents, threats and other types of risks. This paper highlights the importance of micro insurance for the upliftment of rural poor focuses on the initiatives taken by private and public insurance companies in the growth of rural India and also helps to understand how micro insurance is helpful in alleviation of poverty. Amrutha Varshini and Suresh B.H (2013) a tool for the country’s poor people to protect themselves fro ancial risks and provide optimism to policy holders, helping gencies. Micro- insurance is considered as an integral output of poor from being further impoverished as a result of adverse ev s, there will be increasingly higher standards for quality produc Premasis Mukherjee (2012) in his art will soon cease to be influenced by the rural and socia he insurers have innovated products and distribution bey t business in the low income segment. However, the reg es of the sector. Group based policies, alternative micro ovations have to be brought under the reg rate the growth of micro insurance in India. Shweta Mathar (2010) ro insurance in India and challeng She opined that policy induced low income people who form a s social security. Ramalsk d that there is awareness about micro insuranc who played a major role in creating awarene icro insurance policy. The period of awarene lationship between the socio-economic factors a e products of life insurance corporation of India. Parvath experimented a lot with micro insurance and sector is still driv insurance provider, seeks government subsidies and donor fu ial viability in preference to designing market led, sustainable schemes. Policy induced and institutional innovations are promoting insurance among the low income people who form a sizable sector of the population and who are mostly without any social security cover. Statement of problem In a country where less than 3 per cent of the population has access to insurance, and where upwards of 35 million people fall below the poverty line each year because of a single health event in the family, it is slowly being accepted that “micro health insurance units” that offer benefit packages and require pre-payment create a rudimentary insurance among
3.
KIJECBM/JUL-SEP15/VOL-2/ISS-3/A4 ISSN:2348-4969 IMPACT FACTOR(2015)
- 3.9581 Copyright © 2015 Published by kaav publications. All rights reserved www.kaavpublications.org 40 marginalized and underserved segments of the population in India. Micro insurance units represent a high hope for extension of health insurance coverage among the poor. India is a world leader in the development of this form of low-cost health insurance, but most micro insurance units in India and elsewhere are managed independently, usually without the skills required to properly assume the actuarial and organizational consequences of underwriting risks of their members. Death claims under the micro insurance portfolio is an important aspect of the effectiveness of insurance. Hence, there is a need to understand the death claim product wise, Category wise and company wise which help to measure the performance of micro insurance institutions in the country. Objective To evaluate the death claim Micro insura Methodology The present paper is quantitative in na hich have been collected form the report of IRDA, website of i d data have been arranged according to its needs and ana Death claim term policy For Death Claim if the life as the death claim arises. If the death has taken place with mencement of the policy, it is called an early death , it is called a non early death claim. In case of th he duration of the policy, the claim amount becom f Life Insurance 108 the nominee st relative shall send an intimatio fact of death, the date of death, ca er. Insurer deals with the death cl he policy. If the policyholder has died within t .e., acceptance of risk which may be different s been dated back it is treated as “early or prem r 2 years of the commencement, it is treated a Table No: 1 surance Portfolio- Individual Category Particul Total ntage LIC Percentage Industry Total Claims pending at start of year 1.28 53.33 1.12 46.66 2.4 Claims intimated/booked 49.82 3.94 1189.05 95.97 1238.87 Claims paid 42.46 3.49 1174.12 96.50 1216.58 Claims repudiated 8.64 39.18 13.41 60.81 22.05 Claims pending at 0.00 0 2.64 100 2.64
4.
KIJECBM/JUL-SEP15/VOL-2/ISS-3/A4 ISSN:2348-4969 IMPACT FACTOR(2015)
- 3.9581 Copyright © 2015 Published by kaav publications. All rights reserved www.kaavpublications.org 41 Rs.(Lakhs) Source: Handbook on Indian Insurance Statistics2010-11 Table No 1 indicates the amount of benefit paid micro insurance portfolio with respect to individual category. As regards claims pending at start of year, total death claim pending amounted to Rs.2.4 lakhs of which, 1.28 lakhs were by private sectors and Rs.1.12 lakhs by LIC. Majority of the death Claim (53.33 percentage) pending belong to private sector micro insurance in the year 2010-11. As regards claims intimated and booked, a total of Rs. 1238.87 Lakhs claims were intimated and booked as total of which, 49.82 were Lakhs by Lakhs by LIC. Majority of the claims intimated and booked (9 micro insurance in the year 2010-11 As regards claims paid, a total of Rs.1216.58 ch 42.46 Lakhs were by private sectors and Rs.1174.12 Lakhs m paid belong to LIC micro insurance in the year 2010-11 As regards claims repudiated, a total of Rs.22.0 d of which, 8.64 Lakhs were by Private sector and Rs aims repudiated (13.41) belong to LIC micro insurance As regards claims pending at the end o is Rs.2.64lakhs by LIC. Majority of death claim are pen Death Claims un ividual Category Particulars P T entage Industry Total Claims start of y 12 Claims intimate 7686 Claims p 44 95.34 7598 Claims r 71.42 84 Claims end of y 100 16 Source: istics2010-11 Table n claim policies under micro insurance portfolio with respect t As regards claims pending at start of year, total number of death claim policies was 12 of which 7 policies were by private sectors and 5 policies by LIC. Majority of the policies (58.33 percentage) belong to private sectors micro insurance in the year 2010-11 As regards claims intimated or booked out of 7686 policies 371 policies were by private sectors and 7315 policies by LIC. Majority of the policies (95.17 percentage) belong to LIC .Micro insurance in the year 2010-11 As regards claims paid out of 7598 policies 354 policies were by private sectors and 7244 policies by LIC. Majority of the policies (95.34 percentage) belong to LIC micro insurance in the year 2010-11 end of year
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KIJECBM/JUL-SEP15/VOL-2/ISS-3/A4 ISSN:2348-4969 IMPACT FACTOR(2015)
- 3.9581 Copyright © 2015 Published by kaav publications. All rights reserved www.kaavpublications.org 42 As regards claims repudiated out of a total of 84 policies. 24 policies were by private sectors and 60 policies by LIC. Majority of the policies (71.42 percentage) belong to LIC micro insurance in the year 2010-11 As regards claims pending at the end of the year, there was a total of 16 death claim policies. Majority of the death claim policies (100 percentage) belong to LIC micro insurance in the year 2010-11 Table No: 3 Death claims under Micro Insurance Portfolio Group Category Rs.(Lakhs) Particulars Private Total Percentag Industry Total Claims intimated/booked 1096.48 5.29 20703.03 Claims paid 1028.07 4.98 20635.69 Claims repudiated 42.9 100 42.9 Claims pending at end of year 26.29 15 94 164.86 Source: Handbook on Indian Insurance Table no: 3 indicates the amount of be o with respect to group category. As regards claims intima s. 1096.48 lakhs was by private sectors and Rs.1 ms intimated and booked (94.70 percentage) belon As rega . 1028.07 lakhs was by private s paid (95.01 percentage) belong t As rega lakhs, Rs. 42.9 lakhs was by private sectors. ) belong to private sectors As regar worth lakhs claims were pending with private s with LIC. Majority of the death claim (84.05 p ear 2010-11 Table No: 4 D ce Number of Life Policies Group Category Particul ntage LIC Percentage Industry Total Claims pending start of year 4 0.81 487 99.18 491 Claims intimated/booked 4495 8.93 45819 91.06 50314 Claims paid 4285 8.52 45965 91.47 50250 Claims repudiated 128 100 0 0 128 Claim pending end of year 86 20.14 341 79.85 427
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KIJECBM/JUL-SEP15/VOL-2/ISS-3/A4 ISSN:2348-4969 IMPACT FACTOR(2015)
- 3.9581 Copyright © 2015 Published by kaav publications. All rights reserved www.kaavpublications.org 43 Source: Handbook on Indian Insurance Statistics2010-11 Table No:4 indicates the number of lives policies under micro insurance port folio with respect to group category. As regards claims pending at the start of the year out of the life policies 4791, 4 policies are at private sectors and 487 number of life policies at LIC. Majority of the death claims life policies (99.18) pending belong to LIC micro insurance in the year 2010-11 As regards claims intimated and booked out of 50314 numbers of life policies, 4495 policies were by private sectors and 45819 policies by LIC. Majority of the number of policies (91.06 percentage) belong to LIC micro insurance in th As regards claims paid out of 50250 life policie vate sectors and 45965 policies by LIC. Majority of the polici ) belong to LIC micro insurance in the year 2010-11 As regards claims repudiated out of 128 life private sectors. Majority of the claims repudiated (100 percenta cro insurance in the year 2010-11 As regards claims pending at the end ere with private sectors and 341 with LIC. Majority g to LIC micro insurance in the year 2010-11 Duration of Settlement As per the regul ) Regulations, 2002 the insurer i i d all documents including clarifica y can set a practice of settling ation, the insurer has to complete the written intimation of claim. urance Individual Category Rs.(Lakhs) Particul Percentage Industry Total Within 1 1173.62 76.37 1536.64 Within 1 0.50 18.58 2.69 Within 3 0.00 0 0.11 Within 6-12 Months 0.00 0 0.00 0 0.00 More than 12 Months 0.00 0 0.00 0 0.00 TotalClaims Settled 365.32 23.73 1174.12 76.26 1539.44 Source: Handbook on Indian Insurance Statistics2010-11 Table no: 5 Duration wise settlement of micro insurance during the year 2010-11 was as follows
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KIJECBM/JUL-SEP15/VOL-2/ISS-3/A4 ISSN:2348-4969 IMPACT FACTOR(2015)
- 3.9581 Copyright © 2015 Published by kaav publications. All rights reserved www.kaavpublications.org 44 There was a sum of Rs.1536.64 lakhs within a month as duration for settlement of claim of which, Rs.363.02 lakhs were by private sectors and Rs.1173.62 lakhs by LIC. A maximum (76.37 percentage) settlement claim within a month was by LIC during the year 2010-11 There was a sum of Rs.2.69 lakhs within one to three months as duration for settlement of claim of which, Rs.2.19 lakhs was by private sectors and Rs.0.50 lakhs by LIC. A maximum (18.58 percentage) settlement claim within one to three month was by LIC during the year 2010-11 There was a sum of Rs.0.11 lakhs within three to six months as duration for settlement of claim of which, Rs.0.11 lakhs was by private sectors and a maximum (100 percentage) settlement claim was done within a month by LIC during the year 2010-11 Table Duration wise settlement of clai y Particulars Private Total Percentage e Industry Total Within 1 Month 7242 6.11 118456 Within 1-3 Months 2 3.50 57 Within 3 -6 Months 0 0 13 Within 6-12 Months 2 66 3 Total Claims Settled 7244 39 18527 Source: Handbook on Indian Insurance Table no: 6 Duration w policies during the year 2010-11 was as follows There were 118456 polic of claim of which, 7242 policies mum (93.88 percentage) settleme 11 There w ment of claim of which, 2 policies IC. A maximum (96.49 percentage) settleme he year 2010-11 There w ation for settlement of claim of which, 13 polic settlement claim was done within three to six mo Conclus I nd time consist financial services with unique nature of featur varies from one year to unlimited time particularly in micro insurance. Therefore maturity period and claim of the policy will be a major role in designing the insurance products by insurance companies. Death claim is one of the major parts of the insurance products. In a normal death claim, that is if the life assured has died after two years of the commencement of risk, the insurer, on being intimated about the death of the policyholder, calls for the age proof, if not earlier admitted, the original policy document and proof of death. The proof of death can be a certificate from the municipal authorities under which cremation has taken place or other local body like death registry. Hence, the present article concludes that the death claim of micro insurance products in the country is playing a key
8.
KIJECBM/JUL-SEP15/VOL-2/ISS-3/A4 ISSN:2348-4969 IMPACT FACTOR(2015)
- 3.9581 Copyright © 2015 Published by kaav publications. All rights reserved www.kaavpublications.org 45 role in deciding the insurance business. Claim pending leads to inefficiency of the insurance company which fails to settle their claim in a time specified; less claim settlement periods show the efficiency of insurance companies. Reference Amrutha varshini.V and Suresh.B.H (2013) penetration of micro insurance study.Global research analysis. Hemant Bhargava ED Micro insurance affordable insurance the “Micro” way IRDA (2005), Insurance regulatory and development authority obligations of insurers to rural social sector. Kalyanasundaram.M.K, Micro insurance nges, the Indian Banker Vol.VIII No.8 Kirtisingh and vijaykumargangal(2011) iftment of rural india. Excel international journal of multidiscip pp.131-145 Parvathi.G (2012), “Mciro insurance of Research in Mamagement, Economic and Commerce vol.2 p Premasis Mukherjee (2010), Trends of micro ins e.net Ramalskshmi and Ramalingam Micro Insurance with special reference to LIC of India v Shweeta Mathur (2010), “Micr er power” vol.2. pp.17-19 IRDA Annual Report 2010-201 Handbook on Ind Website www.thinkchange w w w h
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