A pointy decline in March however, life insurance coverage firms posted a 20.60% enhance within the first yr premium for 2019-20.
The important thing indicator of their efficiency, the primary yr premium mobilised by life insurers in the course of the fiscal totalled ₹2,58,896.48 crore towards ₹2,14,672.86 crore in 2018-19, as per the info launched by the Insurance coverage Regulatory and Improvement Authority of India (IRDAI).
Life Insurance coverage Company of India (LIC), the lone public sector entity among the many 24 life insurers within the nation, clocked a 25.17% progress with first yr premium at ₹1,77,977.08 crore (₹1,42,191.69 crore).
Collectively, the non-public sector life insurers did ₹80,919.40 crore or a rise of 11.64% from the earlier fiscal.
However March got here in the way in which of a greater efficiency. The brand new enterprise premium of all of the life insurers within the month totalled ₹25,409.30 crore or 32.17% decrease in contrast with the year-ago interval. For LIC, the decline in March was 31.12% at ₹17,066.57 crore whereas for the non-public sector it was a 34.22% drop to ₹8,342.73 crore.
Max Life Insurance coverage deputy managing director V. Viswanand stated “March has always been an important month for Indian life insurance industry in terms of new business. Due to the COVID-19 triggered lockdown and social distancing, the industry witnessed a significant impact in the crucial last 10 days of the month as face-to-face client meetings in agency and bancassurance channels were severely hampered.”
He was, nevertheless, assured of sturdy prospects for all times insurance coverage within the long-run. “Life Insurance has always been a stable and safer long-term return category that has protection built-in making it an important financial instrument during these uncertain times,” he stated.
“At Max Life our offline distribution channels have adopted digital sales processes and more than 9,000 frontline sales team and over 25,000 agent advisors and specified persons of banks and agents have been trained over the past two weeks. We have started witnessing strong sales momentum,” he stated.
