The Indian life insurance industry is expected to grow by about 15 per cent in the current financial year to touch a total premium income of Rs 2,55,000 crore in 2009 -10.
“Despite the slowdown in the economy, life insurance industry has continued to grow as policyholders are realising the value of insurance. We continue to be optimistic about the future of the insurance business in India and expect the industry to grow approximately at 15 per cent,” Life Insurance Council Secretary General S B Mathur said in a statement.
As per the industry body’s estimates, the target for total premium at Rs 2,55,000 crore for this fiscal would be achieved, he added.
The industry had garnered Rs 2,21,688 crore of total premium in 2008 - 09, the statement said.
In the first six months of this fiscal, the insurance industry has already mopped up Rs 1,01,976 crore of premium registering a growth of 18 per cent over the year-ago period.
As per the industry body, total renewal premiums for regular Unit Linked Insurance Plans (ULIPs) witnessed a growth of 40 per cent in April-September period at Rs 25,950 crore compared with Rs 18,506 crore in the same period last fiscal.
New business premium increased by 13 per cent to Rs 38,985 crore from Rs 34,529 crore for the corresponding period in 2008-09, it said.
In the first half, total benefit paid to policyholders stood at Rs 28,373 crore as against Rs 23,070 crore, up 23 per cent, the council said.