New Ulip rules hurt, but premium collected by selling new policies rises 39%.
The life insurance industry recorded a 50 per cent dip in new business premium income in November. This was mainly because of changes followed by new norms for unit-linked insurance plans (Ulips) from September.
As per IRDA, life insurers collected Rs 7,282 crore by selling new policies in November 2010 as compared to Rs 14,646 crore in November 2009.
Despite the fall in sales, the premium collected by selling new policies rose 39 per cent during the period compared to the same period last year, mainly due to an increase in the minimum ticket size of Ulips. The minimum size has grown from Rs 5,000 last year to Rs 20,000.
For more on this, read Business Standard
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