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For the first time after three years, first-year premium of life insurers increased 6.6 per cent at Rs 59,057 crore in the first half of the current financial year ended September 30, 2014 compared with Rs 46,963 crore in the corresponding period of last year.
LIC tops
According to figures released by the Insurance Regulatory and Development Authority (IRDA), Life Insurance Corporation (LIC) led the growth with 7.25 per cent in the premium at Rs 37,906 crore followed by the private life insurers with 4.5 per cent increase at Rs 12,151 crore.
According to Sudhin Roy Choudhury, Member (Life), IRDA, the new product design norms for traditional products, which are being implemented, were helping the revival of new business besides greater business being done by agents and bancassurance channel.
Steep fall in biz
The industry witnessed a steep fall in business after the introduction of new guidelines in September 2010 for unit-linked insurance plans, stipulating, among others, lower commission for agents and higher lock-in periods.
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