Life insurance sector reports strong growth in Feb 2021

The life insurance sector maintained its growth momentum in February 2021 after witnessing a drop in the last two months of the calendar year 2020.

Private companies reported a growth of 16.9% in February FY21 as compared to growth of 32.1% in February FY20.

LIC's first year premium decreased by 3% in February FY21 compared to growth of 37% in February FY20 on a yearly basis.

Individual premiums grew by 28% in February 2021 as compared to degrowth of 11.5% in February 2020 on Y-o-Y basis.

Group single premiums grew by 13.8% in February 2021 as compared to growth of 18% in February 2020.

In Sum Assured, private companies have seen a decline from a year ago level.  

LIC has reported stronger growth of 65.3% in February 2021 as compared to a much lower 2.6% for private companies. SHIVANI SHARMA, PRAGATI SRIVASTAVA