The disruption caused by the coronavirus’ spread and the pandemic-induced lockdown resulted in the life insurance industry losing around four million policies and premiums of around Rs 45,000 crore, said Raj Kumar, managing director of Life Insurance Corporation (LIC).
Speaking at an event organised by the Merchants’ Chamber of Commerce and Industry on post-Covid challenges and opportunities for the industry, Kumar said: “The industry as a whole lost four million policies and around Rs 15,000 crore of new business premium. Since the lockdown happened, people were saving money for necessities. So, around Rs 30,000 crore of renewal premium did not