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Life Insurance Corporation of India’s (LIC’s) market share has slipped by almost 4% to 83.3% from 87% market share last fiscal. However, in terms of number of policies sold, LIC continues to dominate the Indian life insurance market with about 91% market share.
In terms of group insurance schemes, LIC’s market share was at 72.2% after it covered 4.9 lakh lives. Private players had 27.9% of the market covering 1.9 lakh lives.
The 12 private players in the country together mopped up Rs 385 crore in premium in the first two months selling over 2 lakh policies. ICICI Prudential Life leads with market share of 5.9% It is followed by Birla Sunlife with a market share of 2.6%, Allianz Bajaj (1.6%), Tata AIG (1.5%), HDFC Standard Life (1.4%) and SBI Life (1.2%).
Each of the other private players like Aviva, Max New York Life, OM Kotak Life, ING Vysya, AMP Sanmar and MetLife had less than 1% market share but posted high growth in business.In terms of premium collection, ICICI Prudential mopped up Rs 136 crore followed by Birla Sunlife (Rs 60 crore), Allianz Bajaj (Rs 37 crore), Tata AIG (Rs 35 crore), HDFC Standard Life (Rs 33 crore), SBI Life (Rs 27 crore).
.... Advisory Committee on flow of credit to agriculture and related activities
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