Both public sector and private sector players saw a healthy growth in new premiums.
Life insurance companies saw a 17.08 percent growth in new premiums for the April 1, 2017 to February 28, 2018 period compared to the same period last fiscal.
Insurers collected Rs 1.64 lakh crore for the period, as compared to Rs 1.4 lakh crore collected a year ago.
Private life insurers saw a 17.6 percent growth in their new premiums and collected Rs 48,517.66 crore, while Life Insurance Corporation of India (LIC) saw a 16.8 percent growth and collected Rs 1.15 lakh crore.
There was a also an increase in the number of policies sold in the life insurance sector. Data showed that 22.3 million policies were sold in the April to February period, showing a 9 percent increase over the previous year.The general insurance sector saw a 17.6 percent growth in the April to February period, over the corresponding period a year ago. Standalone health insurers saw a 42 percent growth. In all, the non-life sector (including health and specialised insurers) collected Rs 1.34 lakh crore.