LIC drives growth of new premium

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Updated: November 24, 2015 1:16:19 AM

In October, the annualised first-year premium of state-owned LIC grew 83% y-o-y, while private life insurers reported 22% growth, leading to 50% growth for the industry.

In October, the annualised first-year premium of state-owned LIC grew 83% y-o-y, while private life insurers reported 22% growth, leading to 50% growth for the industry. Much of the industry’s growth was because of increasing ULIP sales, which has been driving up ticket size. The low-margin group insurance premium grew 46% in the month and there was a significant market share gain for private insurers driven by robust growth from bancassurance insurers. Moreover, rationalisation of insurance products, transparent pricing, and increasing use of digital technology have boosted the sales of life insurance products in the country.

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