Life insurance coverage corporations logged practically 45 per cent progress of their cumulative new enterprise premium at Rs 9,738.79 crore in April 2021, Irdai information confirmed on Friday.
All 24 life insurers had collected Rs 6,727.74 crore as new enterprise premium throughout the identical month a yr in the past.
The most important insurer, state-owned LIC posted 35.6 per cent rise within the first yr premium or new enterprise premium at Rs 4,856.76 crore in April 2021, as towards Rs 3,581.65 crore within the year-ago month, the Insurance coverage Regulatory and Improvement Authority of India (Irdai) mentioned.
The remainder of the personal sector gamers witnessed over 55 per cent soar of their mixed new enterprise premium at Rs 4,882.04 crore. Their collective first yr premium was Rs 3,146.09 crore in April 2020.
LIC instructions the most important market share of 49.87 per cent, whereas the remainder of 23 personal gamers have the remaining 50.13 per cent.
There was 140 per cent soar by way of variety of insurance policies/schemes at 9,96,933 in April this yr by all of the 24 gamers.
Of this, LIC witnessed 275 per cent enhance on the yr at 6,92,185; whereas the personal gamers’ witnessed 32 per cent rise at 3,04,748 of their collective insurance policies/schemes in the course of the reported month.
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