LIC – Life Insurance Corporation of India is continuosly growing faster when compared to private insurance players, according to the data from the Insurance Regulatory and Development Authority of India (Irdai).
In the first 5 months of the current financial year, the 1st year premiums of LIC companies grew by 39.84%, at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19.
Market participants say that, growth in insurance was largely due to the surge in group non-single business and individual single premium business in the April-August period.
The members of the Market state that, the growth in insurance was due to the surge in the group non-single business and the individual single premium business in the April-August period.
IRDAI data shows that the private players saw first year premiums at Rs 28,480.43 crore in April-August, 2019 as against Rs 22,886.48 crore in the previous financial year, a growth of 24.44%.
The First year premiums of LIC stood at Rs 77,220.97 crore in the first five months of current financial year, when compared to Rs 52,701.86 crore in the previous financial year, a surge of 46.52%. Even for the August month, the new business premiums for the LIC grew by 26.37% at Rs 23,554.94 crore compared to Rs 18,639.29 crore seen in August last year.
In terms of segments, group single policies saw new business premiums for the period of April-August at Rs 45,007.60 crore as against Rs 43,220.97 crore in the previous financial year, a growth of 4.13%. While group non-single first year premiums stood for Rs 19,370.60 crore as compared to Rs 432.94 crore in the last fiscal. The individual single premium and the individual non-single premium grew by 71.98% and 12.22% respectively in April-August period.