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Average life insurance premium fell 8% in FY12 : study

Ulips constitute 54% of overall business mix of insurers, followed by conventional, pure life products
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First Published: Thu, Jan 31 2013. 11 17 PM IST
Insures in existence for over eight years managed to retain the ticket size of premium policies at around `32,000 last fiscal, says the Deloitte study. Photo: Mint
Insures in existence for over eight years managed to retain the ticket size of premium policies at around Rs.32,000 last fiscal, says the Deloitte study. Photo: Mint
Mumbai: The average premium per life insurance policy fell nearly 8% in fiscal 2012 over the previous year, according to a study by consulting firm Deloitte Touche Tohmatsu India released on Thursday.
The study on nine Indian private life insurers showed those more than eight years old managed to retain the ticket size of regular premium policies at around Rs.32,000 in fiscal 2012, similar to that of the previous year.
The younger insurers, on the other hand, saw a decline in the average ticket size of regular premium policies by nearly 16% from around Rs.34,500 in fiscal 2011 to about Rs.29,000 in fiscal 2012.
Among all distribution channels, bancassurance continues to dominate in terms of getting the highest ticket size policies, followed by broking and direct channels, said the study.
Unit linked insurance plans (Ulips) constituted 54% of the overall business mix of life insurers, with the rest being conventional and pure life insurance products. “As insurers gradually shift focus towards more traditional products and ticket sizes stabilize, players will need to find innovative combinations of channels, products and customer segments to achieve growth,” Deloitte said in a press release.
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First Published: Thu, Jan 31 2013. 11 17 PM IST
More Topics: Deloitte | Life insurance | insurer | Ulips | premium |
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