Individual agents collected an average new business premium of Rs. 2.15 lakh in the previous fiscal.
Life insurance agents sold an average of 18 policies in FY 2012-13 compared to 16 policies in the corresponding period preceding fiscal, shows an annual report published by IRDA.
LIC agents continued their dominance by selling an average 29 policies in previous fiscal while the individual distributors of private insurers sold merely three policies in FY 2012-13.
Surprisingly, agents of small sized insurers like Edelweiss Tokyo and India First sold eight and seven policies respectively in previous fiscal compared to an average of only two policies of large players like ICICI Prudential Life and four policies of HDFC Standard Life.
In 2011-12, individual agents of LIC sold an average of 27 policies while average policies sold by agents of private insurers stood at three.
Moreover, life insurance agents collected an average new business premium of Rs. 2.15 lakh in the previous fiscal. While LIC agents collected an average new business premium of Rs. 3.28 lakh, collection of distributors from private life insurer stood at only Rs. 79,000. Among private insurers, individual agents of Max Life and SBI Life had collected an average new business premium of Rs. 1.68 crore and Rs. 1.63 crore in FY 2012-13.
However, in terms of average per policy premium, individual agents of private insurers outperformed their LIC counterparts by collecting an average of Rs. 24,457 compared to only Rs. 11,143 in FY 2012-13. The industry average per policy premium of individual agents stood at Rs. 12,257 in previous fiscal. Agents of ICICI Prudential Life and Aviva Life collected an average per policy premium of Rs. 44,435 and Rs. 38,893 respectively last year.