As per the recently released data by IRDAI, life Insurance firms recorded nearly 45% growth in their cumulative new business premium at Rs. 9,738.79 crore in April 2021. All 24 life insurance firms had collected Rs. 6,727.74 crore as a cumulative new business premium during April, 2020.
The biggest player in the market, LIC, registered a 35.6% jump in the first year or new business premium. The amount stood at Rs. 4,856.76 crore in April 2021, compared to Rs. 3,581,65 crore in April, 2020.
Other private sector life insurance companies saw a jump in their combined first year or new business premium at Rs. 4,882.04 crore. Their first-year premium was Rs. 3,146.09 crore in the year-ago month.
LIC is the biggest player in the life issuance segment and commands a market share of 49.87%. The rest of the 23 private players control 50.13% of the life insurance market.
In April, 2021, the number of policies/schemes sold by 24 life insurance firms jumped 140% to 9,96,933. LIC saw a 275% increase in the number of policies/schemes at 6,92,185 while private firms witnessed a 32% jump at 3,04,748 in their collective policies/schemes during April, 2021.
