Life Insurance Industry in the country has fallen by 11.6% in February. The total premium declined to Rs 29,985 crore in February, compared to Rs 33,913 crore this month last year. During the same period, the number of policies and plans declined by about 22% to 19,41,272.
Life Insurance Corporation of India (LIC)
The total premium of LIC declined by 22% to Rs 15,513 crore. The group single premium declined by 26%, which stood at Rs 10,510 crore, compared to Rs 14,661 crore in February last year.
SBI Life Insurance
The total premium of SBI Life Insurance declined by 18% to Rs 2,174 crore in February, which was Rs 2,648 crore this month last year. However, there was no change in individual non-Singal premiums and it remained Rs 1,126 crore.
Hdfc life insurance
The premium of HDFC Life rose 23.5% to Rs 3,213 crore, which was Rs 2,602 crore in February last year. The company’s group single premium was increased by 56% and it reached Rs 1,681 crore.
Icici prudential life insurance
The premium of ICICI Prudential Life Insurance increased by 5.3% to Rs 1,857 crore. However, the personal non-singal premium declined by 13% and it was Rs 708 crore.
