Demonetisation helped life insurance companies

Lot of money from bank accounts came into insurance products

Demonetisation has come as a boon for the life insurance sector. The move led to a sudden spike in premium, though a temporary one.

According to figures published by the Insurance Regulatory and Development Authority of India (Irdai), November 2016 saw a surge in total premium collection, especially in the individual single-premium segment. 

In November, the growth in total premium was Rs 16,061 crore, against Rs 7,533 crore in November 2015,  growth of 113 per cent. In the period, individual single premium grew by Rs 6,692 crore against Rs 1,103 crore in the year-ago period,  growth of over 500 per