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Having witnessed de-growth since 2010, the life insurance industry rebounded in the first quarter of the fiscal, recording a robust 20 per cent growth in new premium income. The sector mopped up ₹23,570 crore in April-June riding on group single premium policies.
The industry as a whole sold 60 per cent more group single premium policies, mopping up ₹12,861 crore in the quarter, against ₹8,016 crore in the previous year period. Group single premium income contributed a whopping 54.6 per cent to the total new business for the industry.
The higher overall growth came despite the largest private sector player, ICICI Prudential Life, recording a negative growth. Similarly, Reliance Life, Max Life and India First also showed negative growth in the first year premiums during the quarter.
The life insurance industry, consisting of market leader LIC and 23 private sector players, mobilised ₹23,570 crore in new premiums, up 20 per cent from ₹19,702 crore in the year ago period, according to Life Insurance Council data.
The June quarter is usually considered a lean period, while the March quarter is the best, as new policies are take for tax saving purposes.
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