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Bringing a cheer to the life insurance industry, data for the new business premium collection for April to September period for this fiscal showed 6.5% growth in premiums.
This has been a growth after decline in new premiums for more than one year. The industry collected Rs 50,056.56 crore of new premiums during this period.
Life Insurance Corporation of India (LIC) posted new premiums of Rs 37,906 crore for the first and second quarter of 2013-14 fiscal, compared to Rs 35,341.53 crore for same period last year. This was a growth of 7.25%.
Similarly, private life insurers collected total new premiums of Rs 12150.20 crore for the period, a growth of 4.5% over same period last year. The industry as a whole saw growth in premiums, especially in the individual single and group single premium segments.
