Page 30 - Life Insurance Today April 2018

Statistics

SUMMARY OF INDIAN LIFE INSURANCE SECTOR

PARTICULARS Unit 2013-14 2014-15 2015-16 2016-17

PROFILE
No of companies As on 31st March Nos. 24 24 24 24
No of life offices As on 31st March Nos. 11032 11033 11071 10954
Insurance penetration# In per cent 3.1 2.6 2.72 2.72
Insurance density# US $ 41 44 43.2 46.5
# Source: Swiss Re-sigma reports

BUSINESS FIGURES
Number of new policies issued FY In Lakhs 408.72 259.08 267.38 264.56
First year premium (Including FY (Rs. Crore) 120325.22 113329.52 138765.99 175202.68
single premium)
Total Premium FY (Rs. Crore) 314301.66 328102.01 366943.23 418476.62
Market share of LIC (based on FY In per cent 75.39 73.05 72.61 71.81
Total Premium)
Individual Business in Force FY In Thousands 334802.21 326296.62 327065.11 328442.32
(Number of policies)
Individual Business in Force FY (Rs. Crore) 6646516.31 7553045.10 8494501.78 9845203.55
(Sum Assured)

INTERMEDIARIES
No of individual agents As on 31st March Nos. 2188500 2067907 2016565 2088522
No of corporate agents As on 31st March Nos. 689 503 416 456
Commission paid FY (Rs. Lakh) 2084637 1946068 2026669 2211715
Operating Expenses related to FY (Rs. Lakh) 3746541 3685916 3877789 4613888
Insurance Business

POLICYHOLDERS' SERVICES
No. of claims submitted FY No. of 873094 869332 869619 873462
(Individual-death) policies
No of claims submitted FY No of Lives 411647 452625 530949 706431
(Group-death)
Amount Claimed (Individual) FY (Rs. Crore) 11533.28 12516.94 13386.39 14479.45
Amount Claimed (Group) FY (Rs. Crore) 3174.12 3588.61 4891.9 6326.09
Total Benefits Paid FY (Rs. crore) 216396 210915 204454 236340

Channel-wise New Business -
Amount of Premium
(Individual plus Group)
Individual agents FY (Rs. Crore) 48831.45 41246.70 41175.78 54983.81
Corporate agents-Banks FY (Rs. Crore) 11327.20 12830.52 15253.83 20049.29
Corporate agents-Others FY (Rs. Crore) 1252.36 1421.01 1582.02 1335.6
Brokers FY (Rs. Crore) 1267.42 1451.03 1441.65 1757.9
Direct selling FY (Rs. Crore) 57477.59 56218.38 78970.87 96451.74
MI Agents FY (Rs. Crore) 17.19 21.26 20.22
Common Service Centres(CSCs) FY (Rs. Crore) 0.32 1 1.54
Web-aggregators FY (Rs. Crore) 0.03 46.36
IMF FY (Rs. Crore) 0.03 14.52

30 April 2018 Life Insurance Today