Life Insurance Sep 09

The Indian life insurance industry grew by 12.85 % in new premium collected in 1st half of 2009-10. Most of the industry's growth can be attributed to the healthy 35% increase registered by LIC on its massive base.

Key highlights are:
- LIC's first-premium income rose to Rs 25,814 crore. Single premium policies contributed Rs 7,879 crore (almost 1/3rd of the total premia).Group single-premium policies accounted for 40 per cent (Rs 9997.79 crore) and the remaining Rs 7,937 crore came from individual non-single premium policies such as unit-linked plans and term covers.

- Industry grew inspite of 1.75 % fall in premium from sale of new life insurance policies

- Private players, had a 14.67 % drop in first-premium income . Individual non-single premium policies accounted for 77 % , or Rs 10,285 crores.