The life insurance industry mopped up total new premium of Rs 69,706 crore during this period

Life insurers have seen a healthy rise in their new premium income in the seven months from April to October in spite of the new Ulip norms, which is said to have brought down premium income drastically. 

According to monthly data released by Insurance Regulatory and Development Authority, the life insurance industry mopped up total new premium of Rs 69,706 crore during this period, up from Rs 46,689 crore in the same period of last fiscal. Out of this 22 private life insurers have collected Rs 19,099 crore, up from Rs 16,217 crore in the same period last fiscal.

ICICI Prudential has collected the maximum amount at Rs 3,639 crore during the period, which was an increase of 40 per cent from the first seven months of 2009-10. During April-October last year, ICICI Prudential had mopped up Rs 2,586 crore.

SBI Life has collected Rs 3,538 crore, up from Rs 3,073 crore during the same period last year. Similarly, new premium collections of Reliance Life grew to Rs 1,617 crore during this period from Rs 1,498 crore in the same period last year.

New premium income of the country's largest insurer, Life Insurance Corporation (LIC), breached the Rs 50,000 crore mark during this period, which was 66 per 
cent higher than the corresponding period of last financial year.

LIC's new premium stood at Rs 50,605 crore in the first seven months of this financial year compared with Rs 30,469 crore in the same period last year.

Source :- Money Guruindia