New business premium of life insurance companies have collectively declined by 2.5% for the month of July 2011 as compared to that in July 2010.
Out of the 23 life insurance companies in India, only 7 of them have shown a positive growth. These companies are Life Insurance Corporation of India (LIC), SBI Life Insurance, Max New York Insurance, Aviva Life Insurance, Kotak Life Insurance, Met Life Insurance and ING Vysya Life.
Aviva Life Insurance has taken the highest jump of 94% by collecting premiums of Rs 116.61 crore in July this year over Rs 60 crore in July 2010. Aviva Life Insurance Company has introduced some really great child plans and an online term plan called Aviva iLife which is also one of the cheapest term plans available in the markets. Term plans are very popular with families in India as it is a no frills policy offering a high sum assured for a low premium.
LIC has collected Rs 6064.71 crore in July this year, which is a 6.6% growth over its collections of Rs 5690.31 in July last year.
Reliance Life Insurance, Bharti Axa Life Insurance and ICICI Prudential Life Insurance Companies’ premium collections have taken a steep plunge.
Among the private life insurers, SBI Life Insurance Company has done the highest business which is evident by its premium collections of Rs 710.11 crore. Incidentally last year, same time, ICICI Prudential’s collections were higher than SBI Life. While SBI Life has raised the bar this year by registering a 26.1% growth, ICICI Prudential has recorded a negative growth.