Life insurance premium for unit-linked products (ULIPs) witnessed a gradual growth for the last three financial years, while premium for traditional products grew in double digits in the previous fiscal.
Traditional products registered a growth of 10.15% year-on-year in 2021-22, with premium of Rs 5.92 trillion, compared with Rs 5.38 trillion in 2020-21. ULIPs grew 10.24% YoY, with premium rising from Rs 0.91 trillion in 2020-21 to Rs 1 trillion in 2021-22. The share of unit-linked products in total premium was 14.48% in the previous fiscal, Irdai’s annual report for 2021-22 showed.
