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The income of private insurance companies has grown by 8% in the current financial year. Premium income from new business of life insurance companies increased by 21 percent to Rs 22,425.21 crore in February 2021. According to the records of the Insurance Regulatory and Development Authority, the premium income from business of 22 life insurance companies in the country was Rs 18,633.19 crore in the same month a year ago. In this, the premium income of the country’s largest and public sector Life Insurance Corporation of India (LIC) increased by 26.18 percent to Rs 13,920.57 crore in this month. Last year in February 2020, it was Rs 10,404.68 crore.
Bajaj Allianz Life’s premium income grew 52.3 percent to Rs 699.86 crore. However, ICICI Prudential Life’s premium income declined by 20 per cent to Rs 1,737.03 crore in February 2021. Premium income from new business for Pramerica Life declined by 32.1 per cent to Rs 23.18 crore and that of Tata AIA Life declined 0.86 per cent to Rs 354.12 crore.
Looking at the benefits being given to the insurance companies, it can be said that a huge market is coming for life insurance in India.
By the way, the demand for life insurance in India has increased since last 2 years. Because till a few days ago the demand for life insurance was not so high.
Life insurance companies have also made up their mind to distribute the benefits to their customers in the form of bonuses.
That is why the company is also coming up with different plans in which bonus is being given a lot of importance.