LIC is the key contributor by reporting 15 percent growth during this period.
Life insurance companies report a premium collection of Rs 34,923 crore in April–November 2012, against Rs 32,963 crore in the same period last year from the individual segment. This has resulted in 6 percent growth in premium figures.
Out of the total premium collection from the individual segment, insurers collected Rs 9,000 crore through individual premium policies in April–November 2012, compared with Rs 9,788 crore in the same period previous year, registering a drop of 8.1 per cent. However, they collected Rs 25,924 crore from individual non-single premium policies during April–November 2012, against Rs 23,175 crore last year, registering an increase of 11.9 per cent.
The public sector insurer, LIC, collected Rs 24,483 crore during April– November 2012 reporting a growth of 15.5 per cent. Among private sector insurers, ICICI Prudential Life Insurance reported a collection of Rs 1,782 crore in April-November 2012 compared to Rs 1,667 crore in the same period last year. HDFC Standard Life Insurance collected Rs 1,676 crore in April–November, against Rs 1,557 crore in same period last year.
SBI Life Insurance collected a premium of Rs 1,719 crore in April–November 2011 period against Rs 1,203 crore in 2012. Max Life Insurance saw a dip of 4 per cent with collection of Rs 947 crore in 2012, compared with Rs 986 crore last year.