Amid Covid-19 second wave, life insurance business grows 140%

According to data released by the insurance regulator Irdai, there was 140 per cent jump in terms of number of policies or schemes at 9,96,933 in April this year by all the 24 players. Similarly, there was nearly 45 per cent growth in their cumulative new business premium at Rs 9,738.79 crore during the same period.

New Delhi: Life insurance companies logged nearly 45 per cent growth in their cumulative new business premium at Rs 9,738.79 crore in April 2021, Irdai data showed on Friday.

All 24 life insurers had collected Rs 6,727.74 crore as new business premium during the same month a year ago.

The largest insurer, state-owned LIC posted 35.6 per cent rise in the first year premium or new business premium at Rs 4,856.76 crore in April 2021, as against Rs 3,581.65 crore in the year-ago month, the Insurance Regulatory and Development Authority of India (Irdai) said.

The rest of the private sector players witnessed over 55 per cent jump in their combined new business premium at Rs 4,882.04 crore. Their collective first year premium was Rs 3,146.09 crore in April 2020.

LIC commands the largest market share of 49.87 per cent, while the rest of 23 private players have the remaining 50.13 per cent.

There was 140 per cent jump in terms of number of policies/schemes at 9,96,933 in April this year by all the 24 players.

Of this, LIC witnessed 275 per cent increase on the year at 6,92,185; while the private players' witnessed 32 per cent rise at 3,04,748 in their collective policies/schemes during the reported month.

With a record 4,14,188 new coronavirus infections being reported in a day, India's total tally of COVID-19 cases climbed to 2,14,91,598, while the active cases crossed the 36-lakh mark, according to the Union Health Ministry data updated on Friday.

The death toll has increased to 2,34,083 with 3,915 fatalities being reported in a span of 24 hours, the data updated at 8 am showed.

India's COVID-19 tally had crossed the 20-lakh mark on August 7,30 lakh on August 23, 40 lakh on September 5 and 50 lakh on September 16.

It went past 60 lakh on September 28, 70 lakh on October 11, crossed 80 lakh on October 29, 90 lakh on November 20 and surpassed the one-crore mark on December 19. India crossed the grim milestone of 2 crore on May 4.

According to the Indian Council of Medical Research (ICMR), 29,86,01,699 samples have been tested up to May 6 with 18,26,490 samples being tested on Thursday.

(With PTI Inputs)