Data from the Life Insurance Council, the industry body for the life insurance companies, showed LIC‘s new premiums saw a 140 percent jump on a year-on-year basis with the insurer collecting Rs 12,528.07 crore as new premium.
Life Insurance Corporation of India (LIC)--the country’s largest insurer--has seen its new business growth double in November, when the government declared that old denomination notes of Rs 500 and Rs 1000 were not legal tender. Data from the Life Insurance Council, the industry body for the life insurance companies, showed that LIC’s new premiums saw a 140 percent jump and collected Rs 12528.07 crore as new premium on a year-on-year basis.
Private life insurance companies, on the other hand, saw an almost 50 per cent growth in new business premiums for the month of November 2016 compared to November 2015. These insurers collected Rs 3533.33 crore for the month and Rs 28141.51 crore up to the month of November in this financial year.
For the April to November period, life insurers (LIC and private), collected Rs 103404.60 crore as first year premiums, showing a growth of 39 per cent compared to the same period last fiscal. During this period, LIC had seen a growth of 44 per cent while private insurers saw growth of 26 per cent.
Insurance executives said that apart from very small ticket micro-insurance policies where premiums are a few hundred rupees, at least 50-55 per cent of premium payments have moved to online payment, payment through credit/debit card and cheque.