There is huge potential in Life Insurance
Sector in the Country. The First Year Premium (one can say Regular Premium)
business done by Life Insurers in India are .059 Lakhs crores and 0.65 lakh
crores in the year 2016-17 and 2017-18 respectively. the summarised details for
the same are as under.
First Year premium (Rs. in
Crores)
|
Insurer
|
2016-17
|
2017-18
|
|
LIC
|
26301.03
|
28146.40
|
|
Growth (in percent)
over the previous year.
|
(10.37)
|
(7.02)
|
|
Private
|
33049.45
|
37581.33
|
|
Growth (in percent)
over the previous year.
|
(22.17)
|
(13.71)
|
|
Total
|
59350.48
|
65727.73
|
|
Growth (in percent)
over the previous year.
|
(16.64)
|
(10.75)
|
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