IRDA: Total number of lapsed policies rose to 1.4 cr in FY11

The total number of insurance policies that lapsed in the public and the private sector rose to 1.40 crore during 2010-11 from 1.23 crore in the previous fiscal.
According to the Insurance Regulatory Development Authority (IRDA), the total (public and private) number of insurance policies that lapsed during FY 2010-11 stood at 1.40 crore, with an assured sum of Rs 1.58 lakh crore.
This was against 1.23 crore policies with an assured sum of Rs 2.14 crore in FY2009-10.
The total number of policies sold in FY11 stood at 1.10 crore and there were 2,189 complaints of mis-selling registered with IRDA during the period.