LIC, the country`s largest and the most successful insurer, registered a growth of 19.98 % increase in premium collection from the sale of new policies.
In contrast, the country`s top 5 private insurance companies, registered a fall in the first premium income.
On the other hand, the insurance giant plans to grow at 35 % in 09-10. A few new plans were added too.
In 08-09, LIC earned 85 % of its total premium from unit linked plans and the rest by selling traditional plans.
This year it plans to reduce the ratio to 70:30.
Following are the figures for the new premium income for Q 1 09 as compared to Q 1 08, in Rs. crores :
LIC > 08> 7524.56> 09> 9028.00> 19.98 %
ALL PVT. COS. > 08> 7524.56> 09> 5428.00> -27.86 %
SBI LIFE > 08> 1149.00> 09> 1073.00> -6.61 %
ICICI PRUD. > 08> 1590.00> 09> 807.07> -49.24 %
BAJAJ ALL. LIFE > 08> 828.00> 09> 577.00> -30.31 %
BIRLA SUN LIFE > 08> 502.00> 09> 440.00> -12.35 %
HDFC STD. LIFE > 08> 490.00> 09> 412.64 > -15.79 %
TOTAL BUSINESS > 08> 14320.21> 09> 14456.00> 0.95 %
The life insurance industry in India, has managed to report a growth of 0.95 % in the first quarter, thanks to LIC.
So, when you see these facts and figures, its easier to make the right choice, I believe.
Bottom line :
When you have LIC, why go anywhere else ?
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