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New business premium income of life insurers rises 13% to Rs 3.14 lakh crore

Life Insurance Companies Income: The premium income from new business of life insurance companies increased by about 13 per cent to Rs 3,14,263 crore in the financial year 2021-22. The Insurance Regulatory and Development Authority of India (IRDA) released these figures on Monday. According to the data, 24 life insurance companies had earned a total premium income of Rs 2,78,277.98 crore from new business in the financial year 2020-21.

LIC earns highest premium amount
According to the data, Life Insurance Corporation of India (LIC), the soon-to-be listed public insurance company, collected the highest premium of Rs 1,98,759.85 crore from new business in the financial year ended. This is nearly eight per cent higher than Rs 1,84,174.57 crore a year ago.

Apart from LIC, other 23 private companies were also in profit.
Barring LIC, the remaining 23 life insurance companies are in the private sector. The total premium income from their new business stood at Rs 1,15,503.15 crore, which is about 23 percent more than the premium income of Rs 94,103.42 crore in the financial year 2020-21.

Know the business part
If we look at the share of life insurance business, LIC has 63.25 percent share of this market while the remaining 36.75 percent is with 23 private companies.

People got more life insurance during the Corona period
Realizing the need of life insurance in the Corona period, people got life insurance, as a result of which the premium income of their companies has increased. The financial year 2020-21 was the only time when the number of deaths in the country increased due to Corona.

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