Life insurance policies sales declines by 5.2% in May 2019
The first-year premium income of the life insurance sector surged 43.4% to Rs 18414.02 crore in May 2019. The private life insurers reported 35.3% surge in the premium collection at Rs 4917.34 crore, while Life Insurance Corporation (LIC) also showed 46.6% jump to Rs 13496.68 crore in May 2019.
During April-May 2019-20, the private insurers reported 46.9% rise in the first-year premium income to Rs 9631.27 crore, and LIC posted 38.4% jump to Rs 18764.63 crore. The overall life insurance first-year premium collection increased 41.1% to Rs 28395.89 crore in April-May 2019-20.
Among the 22 private life insurers, 7 players have recorded drop in the new premium collection during May 2019. On the other hand, the premium collection of 15 private insurers increased in the range of 9.8% to 155.1% in May 2019.
Sales of life insurance policies
Life insurers have sold 29.08 lakh policies in April-May 2019-20, showing an increase of 2.8% against last year. The policies sales of LIC declined 0.7% to 20.85 lakh policies, while all private players together sold 8.23 lakh policies recording an increase of 13.0%.
During May 2019, the life insurers sold 16.25 lakh policies, showing a decline of 5.2% compared with May 2018 mainly due to 11.1% dip in the policies sold by LIC to 11.52 lakh policies. The policies sold by private players together jumped by 12.7% to 4.74 lakh policies in May 2019.