Market share of Life Insurance Companies is always quoted in terms of Premium collections and that too on First Premium Income only.
Actually the
First Premium Income is used as a magnifying glass to show the presence of Private Insurance Companies,
otherwise they couldn’t find place in statistics with their miniscule business.
Whatever the other count you consider,
be it the Gross Premium Income,
which includes renewal premium, be it the No. of Policies sold for the current year or gross Policies sold from the inception of the company,
you will certainly need a magnifying glass to locate the place of the private insurance companies and that’s why IRDA,
media and the private companies themselves are always speaking about first premium income.
They are speaking in terms of their strength!
The word strength is also not a right term as they are actually projecting their better face and that too is not strong!
We have to show our strengths, which are actual strengths!
Here is the market share of Life Insurance Companies
based on the number of policies sold during 2010-11.
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