Insurers give the credit for growth to distributors.
Life insurance players have reported a 6 percent growth in new business premium for the quarter ending June 2012. Insurers garnered a premium collection of Rs 19,451 crore compared to Rs 18,283 crore last year during the same period.
LIC the giant public sector player also reported highest premium collection of Rs 14,451 crore compared to Rs 13,342 crore. Among the private sector players, SBI Life collected the highest premium of Rs 887.75 crore compared to Rs 889.29 crore, followed by ICICI Prudential Life which collected Rs 721 crore compared to Rs 820 crore. HDFC Standard Life is third by reporting a collection of Rs 674 crore compared to Rs 558 crore.
"We have put in lot of efforts to train our distribution channel according to IRDA's new syllabus. Our distribution force has really worked hard and repaid our efforts," said a top official from SBI Life Insurance.
Another top official from a top 5 life insurance company also echoed the same sentiment.