India’s life insurance industry witnessed a rise of 32.7 per cent in its collective new premium income at Rs 18,209.50 crore during February 2019, data from Irdai showed. The life insurers had collected first-time premium worth Rs 13,724.96 crore in same month a year ago.
Insurance behemoth LIC, which has the largest market share of 66.26 per cent, registered a growth of 42.2 per cent in its new year premium at Rs 12,055.81 crore during the month, according to Insurance Regulatory and Development Authority of India (Irdai) data.
The rest of the 23 market players in life insurance business (market share 33.74 per cent) collected premium of Rs 6,153.70 crore from new customers, witnessing a rise of 17.25 per cent from a year ago.