Life Insurance new Premium: In the first half of the current financial year, there has been an increase in the new premium collection of life insurance companies.
Life Insurance new Premium: After the corona epidemic, people have come to know the importance of health insurance and life insurance. Due to which a lot of improvement has been seen in these areas as compared to earlier. According to a report, in the first half of the current financial year, life insurance companies posted 5.8 per cent in first year premium income at Rs 1,31,982 crore. The contribution of the private sector was more in this growth.
In its report, Care Ratings said that in the last year, there was a decline of 0.8 percent in the first year’s premium income last year. At that time it was Rs 1,24,727.7 crore.
Decline in LIC’s new premium collection
However, in the first half of the year, market leader LIC registered a decline of 3.3 per cent in new premium collections compared to the previous year. But private sector life insurance companies took full advantage of this opportunity and gained 27.7 per cent.
Private sector silver
The report said that September was the best month in the current financial year. In September, the life insurance sector registered a growth of 22.2 per cent, with a premium of Rs 31001.2 crore. The sector had registered a premium of Rs 25,366 crore in September 2020.
How much was the collection of LIC
In the first quarter of the current financial year, LIC received a premium of Rs 85,112.6 crore with a decline of 3.3 percent in the new premium collection. At the same time, in the first quarter of last year, the company had earned a premium of Rs 88,018 crore.
On the other hand, private sector players registered a growth of 27.7 per cent this year as compared to a growth of 2.6 per cent last year. Private players received a fresh premium of Rs 36,709.6 crore in the first half of last year, which increased to Rs 46,869.3 crore this year.
