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Life insurance premiums saw a 12.9 per cent decline between April and December last year, on the back of a 21.4 per cent drop in new premiums for the Life Insurance Corporation of India.
The sector collected Rs 73,777 crore as new premiums compared to Rs 84,725 crore in same period previous fiscal.
LIC collected new premiums of Rs 51,667 crore for the April-December period compared to Rs 65,774 crore collected in same period previous year.
Private life insurers, on the back of strong growth in unit-linked product sales, reported a growth of 16.6 per cent in new premiums and collected Rs 22,110 crore in the first nine months of the financial year.
The January to March period is considered to be the most active with respect to new business premium collection for the industry.
This is the tax saving period when people purchase policies.
