Insurance data – an eye opener
When we say Insurance, what comes first in your mind? answer would be, LIC.
And if I further probe, what LIC means? answer would be, money back plan or some investment plan.
I was reading an article today in Mint, “Life insurance policies continue to die early”, prompted me to write this blog. As per the article, which is based on data analysis from IRDA (persistency ratios), it states that 2nd year renewal on Insurance policy stands below 80%, and 6th year renewal stands below 50%. Which means, every 2nd customer, is not renewing insurance policy after the 5th year. Why?