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Life Insurance premium see a rise in April-August 2015 period
Last Updated: 28-Oct-2015
New business premiums of life insurance companies saw a 13.8 per cent rise for the period between April 1 and August 31, 2015. Most of the growth has come from private insurers. According to IRDA, life insurers collected first-year premium of Rs. 45,871 crore for the period as compared to Rs. 40,296 crore collected in the corresponding period last year. Private life insurers saw a growth of 27 per cent and collected new premiums of Rs. 13,434 crore for the period. Strong growth is found across all segments, including individual single, individual non-single, group single and group non-single. LIC, the public sector in life insurance saw a growth of 9.2 per cent collecting new premiums of Rs. 32,436 crore for the period, on the back of healthy growth in group single premium.