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Wow government 181 Abhayam Mobile App Chief Vijay Rupani did the launch
Wow government 181 Abhayam Mobile App Chief Vijay Rupani did the launch
August 12, 2018
According to IRDA Annual report 2010-2011 Life insurance industry recorded a premium income of 2,65,450 crore during 2009-10 as against 2,21,785 crore in the previous financial year, registering a growth of 19.69 per cent. While private sector insurers posted 23.06 per cent growth (25.09 per cent in previous year) in their premium income, LIC recorded 18.30 per cent growth (5.01 per cent in previous year). While renewal premium accounted for 58.60 per cent (60.62 per cent in 2008-09) of the total premium received by the life insurers, first year premium contributed the remaining 41.40 per cent (39.38 per cent in 2008-09). During 2009-10, the growth in renewal premium was 15.69 per cent (24.91 per cent in 2008-09).
By comparison, the growth in first year premium was higher at 25.84 per cent during 2009-10 (negative 6.81 per cent in 2008-09). Further bifurcation of the first year premium indicates that single premium income received by the life insurers recorded 31.05 per cent growth during 2009-10 (negative 3.34 per cent in 2008-09). Single premium products continue to play a major role for LIC as they contributed 24.36 per cent of LIC‟s total premium income (21.64 per cent in 2008-09). The table is showing present states of life insurance in Haryana and LIC collected 818.25 croree as a life premium insurance and private sector collected 244213 crores.
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Therefore Haryana contributed only 2 percent of total insurance premium (Industry total India 291604.99 and Industry Total Haryana 802421). Haryana is the fourth state contributed fair premium amount after Maharashtra, West Bengal and Uttar Pradesh. Almost all the insurance companies offer what is called an “illustration” to policyholders the illustration is designed to help the policyholder understand the policy values better. From a policyholder point of view, it is imperative that each policyholder understands and is able to determine the benefits of the product.
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