AABY; Implemented Through Life Insurance Corporation of India; Caters to 47 Vocational Groups/Occupations Including Handloom & Khadi Weavers
Life insurance industry recorded an 18.5 per cent growth in the new business during the first half of this fiscal, with country's largest insurer LIC growing less than 10 per cent during the period.
The life insurance sector comprising 24 players mopped up Rs 58,286.40 crore new business premium during the April-September period as compared to Rs 49,178.17 crore in the same period a year ago.
Of this, 23 players in the private sector space earned new premium of Rs 17,124.63 crore during the period as against Rs 13,344.95 crore, registering a growth of 28.3 per cent.
During the first 6 months, Life Insurance Corporation (LIC) recorded a growth of 9.2 per cent in terms of new premium collection at Rs 39,161.78 crore as compared to Rs 35,833.21 crore in the same period a year ago.
The market share of LIC stood at 67 per cent at the end of September.
Among private sector, SBI Life earned new premium of Rs 2620.88 crore, HDFC Life Rs 2624.26 crore, ICICI Prudential Life Rs 3,375.17 crore and Max Life 1,102.85 crore.