The Indian life insurance industry is expected to grow by about 15 percent in the current financial year to touch a total premium income of Rs. 2,55,000 crore in 2009-10.
"Despite the slowdown in the economy, life insurance industry has continued to grow as policyholders are realizing the value of insurance. We continue to be optimistic about the future of the insurance business in India and expect the industry to grow about at 15 percent," Life Insurance Council Secretary General S.B. Mathur said in a statement.
"Despite the slowdown in the economy, life insurance industry has continued to grow as policyholders are realizing the value of insurance. We continue to be optimistic about the future of the insurance business in India and expect the industry to grow about at 15 percent," Life Insurance Council Secretary General S.B. Mathur said in a statement.
As per the industry body's estimates, the target for total premium at Rs. 2,55,000 crore for this fiscal would be achieved, he added. The industry had garnered Rs. 2,21,688 crore of total premium in 2008-09, the statement said. In the first six months of this fiscal, the insurance industry has already mopped up Rs. 1,01,976 crore of premium registering a growth of 18 percent over the year-ago period, reports PTI.
As per the industry body, total renewal premiums for regular Unit Linked Insurance Plans (ULIPs) witnessed a growth of 40 percent in April-September period at Rs. 25,950 crore compared with Rs. 18,506 crore in the same period last fiscal. New business premium increased by 13 percent to Rs. 38,985 cores from Rs. 34,529 cores for the corresponding period in 2008-09, it said. In the first half, total benefit paid to policyholders stood at Rs. 28,373 crore as against Rs. 23,070 crore, up 23 percent, the council said.
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