Indian life insurance firms sold 2.88 crore new policies in 2019-20..!

Indian life insurance firms sold 2.88 crore new policies in 2019-20..!

IRDAI data shows that the life insurance industry has witnessed a growth of around 21% in its new business premium collection last fiscal. 

The Indian life insurance industry has received new business premium of Rs. 2.58 lakh crore in 2019-20 compared to Rs. 2.14 lakh crore in the corresponding period last year, an addition of Rs. 44,223 crore in new business premium.

This growth was largely on account of LIC which has witnessed 25% growth in its new business premium collection. LIC alone has contributed Rs. 1.77 lakh crore to the industry’s new business premium collection kitty.

Meanwhile, private players have seen a growth of over 11% in new business premium collection.

The new business premium collection of the private life insurance companies has increased from Rs. 72,481 crore to Rs. 80,919 crore, a growth of Rs. 8,438 crore.

Among private insurers, HDFC Life has mopped up the highest new business premium of Rs.17,396 crore, overtaking SBI Life (Rs.13,792 crore) and ICICI Prudential Life (Rs.10,251 crore). Experts attributed this growth to increasing distribution footprint of the private players.

On the other hand, IDBI Federal Life insurance, Aditya Birla Sun Life, Reliance Nippon Life, Bharti AXA Life, Sriram Life and Edelweiss Tokyo Life saw a decline in their new business premium collection last fiscal.

IRDAI data shows that the life insurance industry has sold 2.88 crore new policies last fiscal.

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