A life insurance application form (Source: Investment Zen/Flickr) 

Life Insurance Premium Collection Up Over 10% In First Quarter

Life insurance premium collections grew by 10.8 percent during the first quarter of the current fiscal to Rs 36,729.8 crore against Rs 33,156.2 crore during the same quarter last year, according to figures released by insurance regulator IRDAI today.

State-owned LIC's premium collections grew by 6.2 percent to Rs 24,728 crore during quarter under discussion. It was Rs 23,284.1 crore in April-June quarter of last financial year.

The public sector unit enjoyed 67.3 percent market share in the life insurance segment followed by HDFC Standard Life with 7.3 percent.

The total premium collection by the private players stood at Rs 12,001.8 crore in the first quarter with 21.6 percent growth.

Individual single premium grew by 7.7 percent in the first quarter to Rs 4,954.8 crore while group non-single premium declined by 54.9 percent to Rs 259.5 crore.

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