The
policies who are sold in regular mode and premium subsequent year received
called renewal premium. This is the main earning part of Life Insurer in India.
The persistency of life insurance policy is going in good pace. It’s indicates
people aware about importance of life insurance and its covered towards Risk. The
Total Renewal Premium business done by Life Insurers in India are 2.43 Lakhs
crores and 2.64 lakh crores in the year 2016-17 and 2017-18 respectively. The summarised details for the same are as under.
Renewal
premium Business (Rs. in Crores)
|
Insurer
|
2016-17
|
2017-18
|
|
LIC
|
175904.05
|
183551.51
|
|
Growth (in percent)
over the previous year.
|
(4.36)
|
(4.35)
|
|
Private
|
67369.89
|
81104.03
|
|
Growth (in percent)
over the previous year.
|
(12.99)
|
(20.39)
|
|
Total
|
243273.94
|
264655.54
|
|
Growth (in percent)
over the previous year.
|
(6.62)
|
(8.79)
|
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