India’s life insurance industry hit a record high by collecting Rs 4.6 lakh crore in premium for 2017-18, which is an increase of 10% over the previous financial year. Life insurance density — calculated by dividing the total insurance premium by the population — increased to $55 in 2017-18 from $46.5 in 2016-17, said IRDAI in its annual report. Life insurance penetration (premium as a percentage of GDP) in the country increased to 2.8% from 2.5% over the same period.
The life business ..
