Life Insurance in India
By end of March 2009, there are 22 life insruance companies in India. New policies underwritten by the life insurers were 509.23 lakh in 2008-09 as against 508.74 lakh during 2007-08 showing a marginal increase of 0.10%. The private insurers exhibited a growth of 13.19%, which is much lower than 67.40% recorded in the previous year. LIC, showed a negative growth for the second consecutive year at 4.52% as against its previous year negative growth of 1.61%.
Life insurance industry recorded a premium income of Rs.221791.26 crore during 2008-09 as against Rs.201351.41 crore in the previous financial year, recording a growth of 10.15%. The size of life insurance market, although recording positive growth witnessed retardation in the growth. The LIC could grow further its life business by 5.01% in 2008-09 as against an increase of 17.19% in 2007-08. The private insurers increased their premium by 25.10% in 2008-09 as against a higher rise of 82.50 per cent in 2007-08.

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