Endowment Is Still The Favourite Policy

Even as the new life insurance players have introduced a host of new products, the traditional endowment policy continued to mop up maximum premium.

The 12 private companies together collected Rs 319.48 crore in premium income on the sale of 4.43 lakh policies with a sum assured of Rs 11,326 crore.

Over 50 per cent of the premium income amounting to Rs 157 crore was accounted for by the sale of 2.27 lakh endowment plans. The Life Insurance Corporation of India (LIC) also sold more endowment policies than money-back or other different plans.

It sold 92.48 lakh endowment and 45.29 lakh money-back policies. Underwriting a total of 147.57 lakh policies, LIC mopped up Rs 3,393.68 crore in premium income, for a sum assured of Rs 97,797 crore.

Private players in the life insurance business are catching up with the incumbent the Life Insurance Corporation of India (LIC), based on the latest figures released by the Insurance Regulatory and Development Authority (Irda) for the 10 months ended January 2003.

During the period, private players captured a market share of 8.6 per cent in individual new business, with LIC grabbing a lion