LIC showed a robust growth compared to private players
Mumbai: The change in regulation for Ulip pension plans led to a decline in premium collection for private players. According to IRDA, there was a dip of 2% in the last fiscal.
But the new regulation did not affect LIC so much as it regained its market share with a 23% jump in premium collection for the last fiscal. LIC collected a premium of Rs 86,444 crore in the last fiscal.
‘Individual Single Premium’ of private sector life insurance companies in term of premium collection witnessed a stable growth. The total premium earned was Rs 8253.37 crore in the last fiscal as against Rs 3137.92 crore last year. While LIC, under the same category earned Rs 27620.15 crore as against Rs 26539.59 last fiscal.
Under the ‘Group Single Premium’ for private sector life insurance players in term of premium collection, reported a growth of Rs 3467.58 crore as against Rs 712.96 crore last fiscal. LIC reported a total premium collection of Rs 22889.13 crore as against Rs 20775.56 crore under the same category last fiscal.