LIC gets lion's share of single premium policies

Annuity plan Jeevan Akshay, which collected Rs 15,000 crore, was the best-selling product in 2016-17

Life insurance companies reported a 26 per cent rise in first-year premiums in 2016-17 to Rs 1,75,022 crore from Rs 1,38,657 crore in the previous year.
 
Individual single-premium policies increased 72 per cent in 2016-17 to Rs 27,179 crore from Rs 15,786 crore in 2015-16.
 
Life Insurance Corporation (LIC) accounted for the lion's share of individual single-premium policies, which grew 85 per cent from Rs 12,688 crore to Rs 23,413 crore.
 
LIC's total first-year premiums rose 27 per cent to Rs 1,24,396 crore in 2016-17, and its market share increased from 70 per cent in 2015-16 to