Over the last one year the life insurance industry has been witnessing negative growth but hopes to report positive premium collection in the next six months.
The premium collection of life insurers declined by 3.45 per cent in the April-October period. The total premium collection of private and LIC stood at Rs 53,814 crore.
Private players’ premium collection stood at Rs 13,744 crore in April-October 2012 compared to Rs 14,479 crore last year during the same period. LIC garnered Rs 40,069 crore in April-October 2012 as against Rs 41,259 crore previous year. “The life insurance industry is going through a turmoil and there are various factors that has affected to the decline. We hope to report positive growth in next six months,” said a senior official from a top life insurance company.
Reliance Life's premium collection dropped by 14.78 per cent, ICICI Prudential reported a drop of 6.9 per cent and HDFC Standard Life a drop of 5 per cent.