November Life Insurance Premiums Increase 42%

November Life Insurance Premiums Increase 42%

November was a good month to be in the life insurance industry. Premiums for life insurance increased by 42% last month. This increase was mostly fed by private life insurance players who watched their premium collections go up by 59%. 

In terms of year-over-year growth, ICICI Prudential's premiums grew by 27% and HDFC Life's premiums by 28%. The SBI Life premiums increased by 154%.

Overall, the industry is up from last year by about 4%, tracking November 2020 to November 2021. 

Whole life insurance was up 13% over the past year, while term life insurance was up about 2% over the same time period. Term life especially grew for the 31 to 50-year-old range, while decreasing by double digits for those people older than 61. It was consistent for the other age groups. 

Whole life insurance grew across all age ranges. It got up to double-digit growth for those 0-50 and those older than 71. 

Universal life insurance was in decline for those 0-70, but grew for consumers 31-50 and those older than 71.

The stabilization of the national economy helped life insurance companies report strong business for the month of November.

November was a good month to be in the life insurance industry. Premiums for life insurance increased by 42% last month. This increase was mostly fed by private life insurance players who watched their premium collections go up by 59%. 

In terms of year-over-year growth, ICICI Prudential's premiums grew by 27% and HDFC Life's premiums by 28%. The SBI Life premiums increased by 154%.

Overall, the industry is up from last year by about 4%, tracking November 2020 to November 2021. 

Whole life insurance was up 13% over the past year, while term life insurance was up about 2% over the same time period. Term life especially grew for the 31 to 50-year-old range, while decreasing by double digits for those people older than 61. It was consistent for the other age groups. 

Whole life insurance grew across all age ranges. It got up to double-digit growth for those 0-50 and those older than 71. 

Universal life insurance was in decline for those 0-70, but grew for consumers 31-50 and those older than 71.

The stabilization of the national economy helped life insurance companies report strong business for the month of November.

November was a good month to be in the life insurance industry. Premiums for life insurance increased by 42% last month. This increase was mostly fed by private life insurance players who watched their premium collections go up by 59%. 

In terms of year-over-year growth, ICICI Prudential's premiums grew by 27% and HDFC Life's premiums by 28%. The SBI Life premiums increased by 154%.

Overall, the industry is up from last year by about 4%, tracking November 2020 to November 2021. 

Whole life insurance was up 13% over the past year, while term life insurance was up about 2% over the same time period. Term life especially grew for the 31 to 50-year-old range, while decreasing by double digits for those people older than 61. It was consistent for the other age groups. 

Whole life insurance grew across all age ranges. It got up to double-digit growth for those 0-50 and those older than 71. 

Universal life insurance was in decline for those 0-70, but grew for consumers 31-50 and those older than 71.

The stabilization of the national economy helped life insurance companies report strong business for the month of November.

November was a good month to be in the life insurance industry. Premiums for life insurance increased by 42% last month. This increase was mostly fed by private life insurance players who watched their premium collections go up by 59%. 

In terms of year-over-year growth, ICICI Prudential's premiums grew by 27% and HDFC Life's premiums by 28%. The SBI Life premiums increased by 154%.

Overall, the industry is up from last year by about 4%, tracking November 2020 to November 2021. 

Whole life insurance was up 13% over the past year, while term life insurance was up about 2% over the same time period. Term life especially grew for the 31 to 50-year-old range, while decreasing by double digits for those people older than 61. It was consistent for the other age groups. 

Whole life insurance grew across all age ranges. It got up to double-digit growth for those 0-50 and those older than 71. 

Universal life insurance was in decline for those 0-70, but grew for consumers 31-50 and those older than 71.

The stabilization of the national economy helped life insurance companies report strong business for the month of November.