Life insurance sector sees 21% growth in Feb as financial year end looms
The growth continued to be driven by an expansion in single premiums however, a fall in non-single premiums restricted this increase, said a CARE Ratings report
Niti Kiran | March 9, 2021 | Updated 15:40 IST
With monthly numbers showing a strong growth for February, the year-to-date (YTD) numbers too have returned to positive territory, reporting a much more modest rise in first year premium collection
Life insurance sector maintained its growth momentum in February 2021 after witnessing a drop in the last two months of the calendar year 2020. First Year Premium of life insurers witnessed a double-digit growth of 21 per cent in the penultimate month of FY21 to Rs 22,425 crore compared to Rs 18,533 crores in February 2020. It had posted a year-on-year (y-o-y) decline of 2.8 per cent and 26.9 per cent in December and November last year. The growth continued to be driven by an expansion in single premiums ho
After tepid growth in January, following two months of consecutive decline, February saw life insurers, 24 in total, recording impressive 21 per cent growth in new business premiums (NBP) to Rs 22,425.21 crore, compared with Rs 18,533.19 crore in the same period, a year ago. Interestingly, the state-owned insurance behemoth Life Insurance Corporation (LIC) has recorded 24 per cent growth in NBP to Rs 12,920.57 crore, compared with Rs 10,404.68 crore, in a departure from the trend seen in other months when LIC’s NBP shrank. In January, LIC’s NBP declined 2 per cent year-on-year (YoY), while in December it contracted by 15 per cent YoY. November saw LIC’s NBP declining by more than 35 per cent.
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The Globe and Mail CONTENT FROM GLOBE CONTENT STUDIO Published January 18, 2021
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Stacey Callender is expecting her first child. Along with all the life changes it will bring, she says it’s a good time for her to revisit her life-insurance plan and make adjustments.
“When the baby arrives, I’ll update my life insurance and financial plan, to help financially protect all members of my family in the future,” says Ms. Callender, senior manager of Direct Life & Health at TD Insurance.
Term life insurance is meant to help provide funds for your loved ones in the event you pass away.