29.5 C
Delhi
Saturday, September 19, 2020

First-year Premium Income of the Life Insurance Sector Jumps 43.4% in May 2019

Life insurance policies sales declines by 5.2% in May 2019

The first-year premium income of the life insurance sector surged 43.4% to Rs 18414.02 crore in May 2019. The private life insurers reported 35.3% surge in the premium collection at Rs 4917.34 crore, while Life Insurance Corporation (LIC) also showed 46.6% jump to Rs 13496.68 crore in May 2019.

During April-May 2019-20, the private insurers reported 46.9% rise in the first-year premium income to Rs 9631.27 crore, and LIC posted 38.4% jump to Rs 18764.63 crore. The overall life insurance first-year premium collection increased 41.1% to Rs 28395.89 crore in April-May 2019-20.

Among the 22 private life insurers, 7 players have recorded drop in the new premium collection during May 2019. On the other hand, the premium collection of 15 private insurers increased in the range of 9.8% to 155.1% in May 2019.

Sales of life insurance policies

Life insurers have sold 29.08 lakh policies in April-May 2019-20, showing an increase of 2.8% against last year. The policies sales of LIC declined 0.7% to 20.85 lakh policies, while all private players together sold 8.23 lakh policies recording an increase of 13.0%.

During May 2019, the life insurers sold 16.25 lakh policies, showing a decline of 5.2% compared with May 2018 mainly due to 11.1% dip in the policies sold by LIC to 11.52 lakh policies. The policies sold by private players together jumped by 12.7% to 4.74 lakh policies in May 2019.

Reference: https://www.business-standard.com/article/news-cm/first-year-premium-income-of-the-life-insurance-sector-jumps-43-4-in-may-2019-119061800645_1.html

Latest news

Health Insurance Cover For Heart Disease [Cardiac Patients Care]

As we all know that treatment for heart disease is very costly. So, having a health insurance plan for cardiac care can...

How Endowment Plans Work?

An endowment life insurance is a combination of insurance and savings i.e. the life of the person taking the Policy is...

Why ULIPs are Better Option Than Mutual Funds?

You have some amount of money for investment and are exploring various long-term investment options. You plan to invest for a long-term...

Facts About Pension Plans in India

Pension plans are intended to help people plan for their retirement. It is best that you invest in a Pension plan as early...

Related news

Health Insurance Cover For Heart Disease [Cardiac Patients Care]

As we all know that treatment for heart disease is very costly. So, having a health insurance plan for cardiac care can...

How Endowment Plans Work?

An endowment life insurance is a combination of insurance and savings i.e. the life of the person taking the Policy is...

Why ULIPs are Better Option Than Mutual Funds?

You have some amount of money for investment and are exploring various long-term investment options. You plan to invest for a long-term...

Facts About Pension Plans in India

Pension plans are intended to help people plan for their retirement. It is best that you invest in a Pension plan as early...