 "Renewal premium touches Rs 1.79 lakh crore in March'13: Life Insurance Council")
Life insurance industry collected renewals premium of Rs 1.79 lakh crore, as on March 31, 2013, said data from Life Insurance Council. The 24 life insurance companies saw a 35% year-on-year jump in payout to customers, the council said. The renewal premium was Rs 1.65 lakh crore in March 2011.
Indian life insurance industry, has around 36 crore in-force policies, with more than 72% branches in rural and semi-urban geography. The council said that the industry's next big focus area is customer centricity.
It said that the four-pronged regulatory changes in recent years have brought renewed focus on customer centricity, be it making sum assured at a minimum ten multiples, offering guaranteed surrender value, making benefit illustration mandatory for all products, need-oriented like measuring product suitability matrix before making any recommendation, among others.
The council's data also reflected that assets under management of life insurers has risen to Rs 17.41 lakh crore,175 crore as on March 2013 as compared to Rs 1.94 lakh crore in 2000-01. The total benefits paid to customers by life insurers has increased to Rs 1.91 lakh crore as March 31, 2013 as compared to Rs 1.41 lakh crore as on March 2011.
Life insurance industry saw a 6.3% drop in new business premiums for financial year fiscal 2012-13. According to data from Insurance Regulatory and Development Authority (Irda), life insurers collected new premiums of Rs 1,07,010.68 crore for the year ended March 31, 2013, as compared to Rs 1,142,32.72 crore collected in same period previous fiscal.
Indian life insurance industry, has around 36 crore in-force policies, with more than 72% branches in rural and semi-urban geography. The council said that the industry's next big focus area is customer centricity.
It said that the four-pronged regulatory changes in recent years have brought renewed focus on customer centricity, be it making sum assured at a minimum ten multiples, offering guaranteed surrender value, making benefit illustration mandatory for all products, need-oriented like measuring product suitability matrix before making any recommendation, among others.
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V Manickam, Secretary General, Life Insurance Council, the industry body of life insurers in India said, "The Life Insurance industry would reinforce customer centricity at every step, be it creating awareness by improving financial literacy, need-based service & addressing effectively customer grievances etc. As a matter of fact, there has been an improvement in death claims settled by Life Insurers in terms of number of policies as also by amount in the past three most challenging years. The number of claims repudiated too has seen a significant drop. "
The council's data also reflected that assets under management of life insurers has risen to Rs 17.41 lakh crore,175 crore as on March 2013 as compared to Rs 1.94 lakh crore in 2000-01. The total benefits paid to customers by life insurers has increased to Rs 1.91 lakh crore as March 31, 2013 as compared to Rs 1.41 lakh crore as on March 2011.
Life insurance industry saw a 6.3% drop in new business premiums for financial year fiscal 2012-13. According to data from Insurance Regulatory and Development Authority (Irda), life insurers collected new premiums of Rs 1,07,010.68 crore for the year ended March 31, 2013, as compared to Rs 1,142,32.72 crore collected in same period previous fiscal.