New premium income of life insurance companies increased 20.60 per cent to a total of Rs 2.59 lakh crore in the financial year ended March, according to Irdai data.
All the 24 life insurance players' new or the first year premium income was Rs 2.14 lakh crore in 2018-19 fiscal.
Country's largest life insurer LIC registered a rise of 25.19 per cent in its new premium collection at Rs 1.78 lakh crore in 2019-20, as per the data from the Insurance Regulatory and Development Authority of India (Irdai).
"Overall, LIC has achieved an impressive growth rate of 25.17 per cent in first year new business premium as compared to private players who have collectively achieved a premium growth rate of 11.64 per cent," LIC said in a statement on Monday.
The industry's positive growth in policies is also due to LIC's superlative performance, it added.
Private sector life insurance companies witnessed a rise of 11.64 per cent in their new premium income at Rs 80,919.40 crore in the last financial year. In the year-ago period, the amount stood at Rs 72,481.17 crore, the data showed.
The total sum assured by the life insurance industry stood at Rs 48.25 lakh crore as on March 31, 2020, an increase of 11.36 per cent compared to the year-ago period.
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