The first-year premium of life insurers in the first three quarters of the current fiscal ended December 31, 2020, declined 1.69 per cent at ₹1,91,046 crore as against ₹1,94, 331 crore in the corresponding period of the previous fiscal.
The first year premium of Life Insurance Corporation of India (LIC) decreased 5.13 per cent at ₹1,30, 004 crore as against ₹1,37,034 crore in the same period last year, according to business figures released by the Insurance Regulatory and Development Authority of India.
For the state insurer, there was a dip in individual and group non-single premium and group yearly renewable premium while individual single and group premiums went up.
For private insurers, however, the first year premium went up by 6.54 per cent at ₹61,042 crore compared with ₹57,269 crore in the previous year.
There was growth in all segments except individual non-single premium for private insurers.