The life insurance industry clocked 21 per cent growth in total premium collection at Rs 1,20,503 crore in the first seven-months of the current fiscal.
The industry collected total premium of Rs 99,310 crore in the year-ago period.
During the first-half, the sector reported a growth of 18 per cent, according to data released by Life Insurance Council.
?The growth in the industry is propelled by low commission single-premium policies. For the first seven months, single-premium policies witnessed a surge of around 42 per cent, with investors preferring non-linked policies signifying a clear trend towards traditional policies,? Life Insurance Council Secretary General S B Mathur said in a statement here.
Life Insurance Council shares quarterly data for all such firms, including public sector Life Insurance Corporation (LIC).
The renewal premiums increased by around 24 per cent to Rs 73,952 crier compared to the same period last year, while new business premiums increased by around 18 per cent year-on-year to Rs 46,551 crore.
Total renewal premiums for regular Unit Linked Insurance Plans (ULIPs) witnessed growth of 42 per cent to Rs 29,738 Corrie year-on-year compared to Rs 20,878 crore in the same period last year.
The non-linked premium stood at Rs 44,214 crore, up from Rs 38,897 crore last year an increase of 14 per cent y-o-y.
Total non-linked premiums has increased by 27 per cent to Rs 67,685 crore, up from Rs 53,215 crore last year, whereas total linked premiums rose by 15 per cent to Rs 52,818 crore from Rs 46,094 crore.
In the period under review, total benefit paid to policy-holders was Rs 34,021 crore, an increase of over 25 per cent as compared to Rs 27,179 crore last year.
Private life insurers paid total benefits of Rs 6,996 crore, an increase of over 101 per cent from Rs 3,469 crore last year.
Life insurance companies have more than 11,890 branches of which a whopping 8,729 branches were set-up by private sector life insurers.
The capital deployed at Rs 26,734 crore by life insurance companies has seen an almost 25 per cent jump from Rs 21,498 crore last year.