said Amitabh Chaudhry, managing director and chief executive officer.
The corpus of life insurance firms is estimated at R16 lakh crore. In 2011-12, the total collection of premiums by life insurance companies was R2,87,072 crore as against R2,91,639 crore in the previous year, a drop of 1.5%. Premiums have been sluggish ever since August 2010, when the regulator slashed the commissions that agents could charge on unit-linked insurance plans (Ulips). While earlier the bulk of the premiums — more than 70% — came into ULIPs, that share is now down to 15%. The premiums that were invested in Ulips fell 36% 2011-12 over the previous year.