India's demand for individual single life insurance policies increased in FY2021
The life insurance sector in India has seen a fair degree of improvement since the lows in March and April 2020, but its yet to spring back to the pre-pandemic levels. However, there has been substantial change across the various types of life insurance policies.
The group non-single premium had increased substantially over the April-January period of FY2020, but over the same period for FY2021, the individual single premium segment has grown at the highest rate.
Source: Insurance Regulatory and Development Authority
The group single premium occupied the largest share of new policies purchased, or total first year premiums, followed by individual non-single premium, and individual single premium. The share of group non single premiums decreased substantially from 12% in FY2020 Apr-Jan, to 2% in FY2021 Apr-Jan.
Source: Insurance Regulatory and Development Authority
India’s largest and only public sector insurance agency, the Life Insurance Corporation, remains the major provider of life insurance in India with more than 60% of new policies.
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