Life Insurance: In the last financial year, there was a growth of 13 percent in the new business premium of companies, every minute LIC sold 41 policies
In the financial year 2021-22, the premium of life insurance companies has registered a growth of 13 percent. The total premium during this period stood at Rs 3.14 lakh crore as against Rs 2.78 lakh crore a year ago. A total of 24 life insurance companies are currently doing business in the country. According to data from the Insurance Regulatory Development Authority of India (IRDAI), the country's largest life insurer LIC has secured insurance worth Rs 1.98 lakh crore, up from Rs 1.84 lakh crore a year ago. That is, there has been an increase of more than eight percent in it.
23% jump in premium for private companies
Except LIC, 23 companies are in the private sector. In 2021-22, their total premium increased by 23 percent to Rs 1.15 lakh crore from Rs 94 thousand crore a year ago. However, LIC has a market share of 63 per cent while that of private companies is 36 per cent.
LIC sold 41 policies every minute
Due to Corona, more people started taking insurance, due to which there has been an increase in premiums. LIC has sold 41 policies every minute in the last financial year. That is, it has sold 2,460 policies every hour. In 2021-22, it had sold 2.17 crore policies as against 2.09 crore policies in the previous year. The company may bring an IPO this month or early next month, which will be the biggest issue in the country.