India’s life insurance sector reported a 5.5% degrowth in first year premiums in May 2021 as the deadly second wave of the coronavirus pandemic caused these companies to go slow on new business especially on the term cover segment. The degrowth was largely on the back of slow business by Life Insurance Corp of India (LIC) in the month, even as some private sector insurers such as HDFC Life NSE 1.41 %, Max Life and India First reported strong growth in the month albeit a lower base.
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