Life Insurance companies clocked collective premium growth of 11.36% during financial year ending 31 March 2020, according to data published by the Insurance Regulatory and Development Authority of India (Irdai).

However, new business premium tanked 32% in March 2020 to ₹25,409.30 crore compared with ₹37,459.36 crore in March 2019. Life Insurance Corp.

of India (LIC), which has the largest market share of nearly 76%, reported a dip of 31% in new premium income in March 2020 compared to the same month in the previous year.

Among private insurers, Aviva Life Insurance (-80.18%), Pramerica Life (-73.1%) and Future Generali Life (-62.24%) were the worst hit.

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