Mumbai: The life insurance industry’s total premium collection grew 24 % to Rs 13,651 crore in the first two months of the current fiscal, driven by group single premiums.
LIC made a smart recovery with a 21 % growth in total premium mop-up at Rs 9,384 crore in the said period. The Corporation’s business stood at Rs 7,757 crore in the year-ago period. In the year-ago period, the industry’s total business stood at Rs 10,984 crore, according to Life Insurance Council data released today.
The volume of business in group single premium, which is transacted when a corporate house buys pension products by paying one-time premium, shot up 64 % to Rs 7,694 crore in April-May, from Rs 4,683 crore a year ago. Market leader LIC has seen its business under this segment rising by 61 % in the first two months of the fiscal, the Council data showed.
