The life insurance industry has undergone a major slowdown this year during April to November as compared to the corresponding period in the previous year. The premium collections of all the life insurers, including the 23 private players and Life Insurance Corporation of India (LIC), has resulted in a drop of almost 19% over that in the previous year.
LIC premiums have declined by 17.6%, while the private insurance companies have suffered a setback of 22.4%. The country’s largest life insurer has garnered Rs 45,759 crores as against Rs 55,513.5 crores in the previous corresponding period, a difference of Rs 9,754.5 crores.
Among the private players, Star Union Dai-ichi Life Insurance, MetLife Insurance, IndiaFirst Life Insurance and DLF Pramerica Life are the companies which have shown a positive growth over previous year.
SBI Life Insurance managed to garner Rs 3,171.6 crores in premiums during April-November period, which is the highest compared to the business done by all the private players. ICICI Prudential Life Insurance, HDFC Life, Bajaj Allianz Life Insurance and Max New York Life Insurance are next in line in the same order.
Sales of life insurance policies have been falling for over a year now since the ULIP guidelines were changed in September last year. The total number of policies issued during the eight-month period this fiscal has dropped by 12.45%. 
