The life insurance industry has registered more than four-fold increase in premium collection between 2001-02 and 2008-09, the Lok Sabha was informed today.

"In the life segment, the total premium has grown from Rs 50,094 crores in the year 2001-02 to Rs 2,23,556 crores in 2008-09 showing a growth of 346 per cent over the period," Minister of State for Finance Namo Narain Meena informed the Lower House.

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He, however, said that in the last fiscal, the pace of growth in the insurance sector has slowed down which might be a result of the economic meltdown.

Meena said the future growth of this sector would largely depend upon the growth of the gross domestic product of the country.

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