The Life Insurance Council, the apex body of the life insurance companies of India, on Tuesday released its own set of data for the industry for the year 2006-'07. It shows that the industry has recorded a growth of 20.5 per cent in terms of renewal premiums.
It also shows a 15 per cent increase in the total number of policies in force.
The data released by the council is significant as this is the first time that such detailed data is being released on renewals.
Most of the industry measures growth in terms of increase in the new business premiums or premiums paid for new policies signed up in each particular year. The life insurance sector has been showing a 100 per cent growth in new premiums in recent years.
The secretary general of the Life Insurance Company, SV Mony, said: "The sector is poised for fast growth and the growth in new business premium will settle down to around 44 per cent in another five years."
The data released by the council shows that unit-linked plans make up for 92 per cent of the single premium products. It also showed that the total number of policies in force at the end of 2006-07 is at 22.14 crore, which has gone up 15 per cent from 19.24 crore at the end of 2005-06.
The data also shows that the total number of group policies has grown a mere three per cent from 1.06 lakh to 1.10 lakh, while at the same time number of lives covered under the group policies has gone up by 16 per cent.