Indian Life Insurance Industry : Total 22.50 lakh Agents in January 2020, added 1,12,010 Agents in one year..!


Indian Life Insurance Industry : Total 22.50 lakh Agents in January 2020, added 1,12,010 Agents in one year..!

LIC of  India added 44,294 agents while private insurers added 67,716 agents as on January 2020.

Last year was good for the Rs. 40 lakh crore life insurance industry. The industry has added over 1.12 lakh agents in just one year, shows the latest data issued  by Life Insurance Council, a trade body of the life insurance industry.

The total life agency force increased from 21.38 lakh in January 2019 to 22.50 lakh in January 2020.

Industry behemoth LIC of India added 44,294 agents last year while private players added 67,716 agents last year.

Currently, agents dominate life insurance sales for individual policyholders.

Individual agents have sold 62% of the new life insurance policies in FY 2018-19. Both the state owned LIC of India (96% share) and private players (26% share),  receive  substantial new business through agency channel.

Insurer
Net No. of Agents as on 31 Jan 2020
Net No. of Agents as on 31 Jan 2019
Change
Change(%)
Private Total
1045710
977994
67,716
6.92
LIC
1204759
1160465
 44,294
3.82
Grand Total
2250469
2138459
112,010
5.24



Source: Life Insurance Council



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