First-year premium collections by life insurance companies increased 25.8 per cent to Rs 94,820 crore in the April-January period of the current financial year. The increase was mainly led by a surge in Life Insurance Corporation of India’s (LIC) premium collections.
The premium income of LIC for the April-January period was higher by 36.9 per cent. During the same period last year, the total first-year premium collected by the industry stood at Rs 75,347 crore.
According to the latest data issued by the Insurance Regulatory Development Authority, LIC collected Rs 67,135 crore in the first 10 months, whereas private insurers posted a marginal 5.8 per cent rise to Rs 27,864 crore.
