It was a case in point gone for life coverage industry. For the first clip Life coverage Corporation of Republic Of India (LIC) was beaten in insurance insurance premium aggregation and that too in 'individual non-single premium' segment. Private sector companies collected Rs 1,284 crore more than LIC in this segment.

LIC lost the land to private participants in the section as insurance premium aggregation growing in the section drop to 4% between April 2007 and February 2008 from 110% A twelvemonth ago.

The PSU managed insurance premium aggregation of Rs 19,894 crore in the above mentioned time time period just a 4% higher than Rs 19,073 crore it collected in corresponding period in the former year. During April 2006 to February 2007, LIC had managed 110% growing in insurance premium collections.

Asked about the grounds of sudden autumn in growing charge per unit of insurance premium aggregation in the segment, LIC functionary refused to comment.

Overall, coverage industry managed 38% growing and insurance premium in the section surged to Rs 41,072 crore in the said time period from Rs 29,605 crore a twelvemonth ago.

All the major private coverage companies, including Bajaj Allianz, SBI Life and ICICI Prudential, managed a CAGR of 100% inch the insurance premium collection.

"Last year, almost all private insurance companies focused more than on getting concern from non-single insurance policies which paid off in FY 2007-08," said head- West zone Bajaj Allianz Life Insurance, Amit Roy.

Entry of new participants in the life coverage industry have made the marketplace more fragmented, said Roy.

Last twelvemonth 110% growing of LIC coverage premium was more than because of launch of unit of measurement linked products, but the current twelvemonth have not been that good for the insurance major, he added.

"In the beginning of the FY 2007-08, we have got targeted entire insurance premium aggregation of Rs 8,500 crore and mean to publish 30 hundred thousand new policies. As concluding figs till March 2008 are not available we managed to accumulate insurance premiums to the melody of Rs 5130 crore as on February 2008," and all set to accomplish our mark said Roy.

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