Life insurers’ new business premiums fall 6.3% in FY13

India Infoline News Service | Mumbai |

The first year premium of private life insurers fell 5.9% to Rs. 307.65 billion in FY12-13

First year premium of life insurance companies declined 6.3% to Rs. 1.07 trillion for the period ended 31 March 2013, according to data from the Insurance Regulatory and Development Authority (IRDA).

Life insurers collected new premiums of Rs. 1.14 trillion in the previous financial year.
The first year premium of private life insurers fell 5.9% to Rs. 307.65 billion in FY12-13.

State-run LIC’s (Life Insurance Corporation of India) first year premium decreased 6.4% to Rs. 762.46 billion in FY12-13.

The drop in first year premiums is mostly on account of the economic slowdown, resulting in lower disposable income. With this, the number of policies purchased has also come down.

 

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