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First, the insurer might suffer high losses from lapsed policies due to up-front investments for acquiring new business (Pinquet et al.
An Indian life insurance provider has launched a service to revive lapsed policies.
Reliance Life Insurance Company announced the introduction of a new initiative for reviving lapsed policies for its policy-holders.
As a general trend in India, Jalan said "a large proportion of life insurers' profits have come through lapsed policies, reiterating the need to promote life insurance as a long-term product and to curb mis-selling.
The bank said that the businessman initially requested to reinstate lapsed policies where he had stopped contributing.
With lapsed policies, the policyholder loses the entire value of their investment.
If Ulips are also taken into account, the number of lapsed policies will be higher.
He added that no maximum limit for ordinary policies, Revival of lapsed policies on easy terms, Loan on policies, Highest rate of bonus, open to all, rebate on advance payment of premia, Payment of premia through salary bill deduction, Non-lapsing of policies of two years duration, liberal surrender value of PLI policies and payment guaranteed by government of Pakistan.
While lapsed policies are a cause for concern for the insurance industry, it is the customer who suffers the most.
To form the lapse rate for a specific life insurer, the value of lapsed policies for ordinary life products is divided by the average total life insurance in force during the time period.
When the numbers of lapsed policies were less than expected, claims increased, forcing them to re-evaluate underwriting guidelines.
The rankings for lowest lapse ratios (the ratio of lapsed policies to policies in force), reported in the November issue of Best's Review magazine, are based on a statistical study of 2009 data for the top 100 life/health insurers conducted by A.