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Group Insurance Sales Rose 73% In India

As per Insurance Regulatory & Development Authority of India, new premium collection under group insurance schemes jumped to INR29.18 billion

The transaction of group insurance policies in India grew 73% in the first two months of the current fiscal year, despite a slowdown in the life insurance sector – reported in The Economic Times.

As per the Insurance Regulatory & Development Authority (IRDA), new premium collection under group insurance schemes rose to INR29.18 billion during April-May 2009, as compared to INR16.83 billion in the corresponding period last year.

The senior industry executives accredited the growth to the rising number of public and private sector companies, that are approaching insurers to manage their employees’ pay components such as gratuity and superannuation.

As per IRDA, SBI Life’s group insurance premium grew almost three fold to INR4.7 billion in April-May 2009, while Bajaj Allianz recorded around five times growth. LIC’s sale of group insurance was up by about 75% in the same period.