The insurance sector is expanding as the insurance penetration is increasing in India. Today, more and more individuals understand the importance of having a life insurance cover and so they invest in a life insurance policy for their and their family’s financial security. Whether it is term insurance plans which build up a financial corpus for the family in the absence of the bread-winner or a child insurance plan which safeguards the child’s future, insurance plans are becoming favourable. Moreover, unit linked plans provide customers with investment returns as well as insurance and are, therefore, very popular. Amidst the increasing popularity of life insurance products, life insurance companies are seeing a growth in their premium collections.
The Insurance Regulatory and Development Authority of India (IRDAI) publishes the growth in premium collections of life insurance companies. This report is published every month and the report for October showed a positive growth in premium collections by many life insurance companies. Among the twenty or more companies operating in the life insurance segment, here’s how the top five life insurers performed in October 2019 –
The chart shows the growth in the premiums collected by life insurance companies in the month of October 2019 against October 2018. As is evident, ICICI Prudential Life Insurance Company posted the highest growth in its premium collections. However, the next three life insurance companies also followed closely behind with a growth of 37.50%, 37.02% and 34.26%. Canara HSBC OBC stood in the fifth position with a growth of 12.93%.
Even the Life Insurance Corporation of India (LIC) posted a positive growth in premiums collected in October 2019 compared to those collected in October 2018. Its growth was recorded at 12.46% which is good and shows that LIC continues to command customers’ trust.
These positive numbers indicate that insurance companies are steadily growing with an increase in their sales volume. It also indicates that customers are becoming more perceptive towards life insurance which creates an easier market for you. You can educate your clients about the need and importance of a life insurance policy when planning their finances. As your clients buy life insurance plans, not only the insurance penetration would increase, you would also get an increased commission and can grow your business.