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The life insurance industry has seen a 11.5% rise in new premiums for FY14. Life insurers collected total premiums of Rs 119,641 crore for FY14 compared to Rs 107,235.44 crore in FY13.
Life Insurance Corporation (LIC), India's largest insurer collected new premiums of Rs 90,123.75 crore for the fiscal, a rise of 17.8% over the previous fiscal.
However, private life insurers saw a 4% drop in new premiums to Rs 29,517.38 crore.
With respect to the number of policies issued in FY14, there was a 7.5% drop. In FY14, a total of 408,73,317 policies were sold, compared to 441,85,973 policies in FY13.
