Processing .....please wait.. 
The article has been forwarded.... 
Life insurance to touch 
2.5 Lakh Crore premium
By siliconindia
|
Monday, 23 November 2009, 14:58 IST
New Delhi: The Indian life insurance industry is expected to grow by about 15 percent in the current financial year to touch a total premium income of 
2,55,000 crore in 2009-10.
"Despite the slowdown in the economy, life insurance industry has continued to grow as policyholders are realizing the value of insurance. We continue to be optimistic about the future of the insurance business in India and expect the industry to grow about at 15 percent," 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 2,55,000 crore for this fiscal would be achieved, he added. The industry had garnered 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 1,01,976 crore of premium registering a growth of 18 percent over the year-ago period, reports PTI.
As per the industry body, total renewal premiums for regular Unit Linked Insurance Plans (ULIPs) witnessed a growth of 40 percent in April-September period at 25,950 crore compared with 18,506 crore in the same period last fiscal. New business premium increased by 13 percent to 38,985 crore from 34,529 crore for the corresponding period in 2008-09, it said. In the first half, total benefit paid to policyholders stood at 28,373 crore as against 23,070 crore, up 23 percent, the council said.
2,55,000 crore in 2009-10.
"Despite the slowdown in the economy, life insurance industry has continued to grow as policyholders are realizing the value of insurance. We continue to be optimistic about the future of the insurance business in India and expect the industry to grow about at 15 percent," 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 2,55,000 crore for this fiscal would be achieved, he added. The industry had garnered 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 1,01,976 crore of premium registering a growth of 18 percent over the year-ago period, reports PTI.
As per the industry body, total renewal premiums for regular Unit Linked Insurance Plans (ULIPs) witnessed a growth of 40 percent in April-September period at 25,950 crore compared with 18,506 crore in the same period last fiscal. New business premium increased by 13 percent to 38,985 crore from 34,529 crore for the corresponding period in 2008-09, it said. In the first half, total benefit paid to policyholders stood at 28,373 crore as against 23,070 crore, up 23 percent, the council said.