Life insurance premium witnessed a 12.9% decline during April-Dec. 2014

Life insurance premium witnessed a 12.9% decline during April-Dec 2014

ovaraly Life insurance premium witnessed a 12.9% decline during April-December 2014 on the back of 21.4% drop in new business premium for the Life Insurance Corporation of India (LIC).

The life insurance industry’s new business premium collection stood at Rs 73,777 crores during April-December 2014 as against Rs 84,725 crores during April-December 2013.

LIC’s new business premium for April-December 2014 stood at Rs 51,667 crores as against Rs 65,774 crores in corresponding period of previous fiscal.

On the contrary, private life insurers reported a growth of 16.6% in new business premium collection during April-December 2014 at Rs 22,110 crores. This rise is driven on the back of strong growth in unit-linked Insurance Plans (ULIPs) sales.