Life insurance payouts declined by about Rs 6,000 crore in 2022-23 due to a lesser number of death claims compared to the previous year, impacted by COVID-19. The industry paid a total benefit of Rs 4.96 lakh crore in 2022-23, compared to Rs 5.02 lakh crore in FY22. Benefits paid on surrenders/withdrawals increased by 25.62 per cent to 1.98 lakh crore in 2022-23, with public sector insurers accounting for 56.27 per cent.
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