Life insurance witnesses a drop in salesSales in Life insurance industry drops by 7 per cent
Apnainsurance.com Research Bureau
16 Jun 2008
The life insurance industry shows a negative growth rate of 6.77 per cent for the month of April, 2008. The industry which saw an increase of more than 100 per cent last year has collected a new business premium of Rs. 2,780.11 crore in April 2008 against Rs. 2,982.28 crore in April 2007.
Market leader, Life Insurance Corporation of India (LIC) saw reduction in demand for single premium Unit-Linked Plans (ULIP). It has lost a huge part of its market share, retaining 44.88 per cent of total sales.
Among 17 private insurers, there has been a growth of 80.69 per cent in new business premium for the month of April 2008 at Rs. 1, 532.22 crore as against Rs. 8, 47.96 crore in April 2007.