New business premium income of life insurance companies registered a fall for a sixth straight month on the back of strict regulations on sale of Unit Linked Insurance Policy (ULIP).
According to reports, Insurers collected new business premium of Rs. 30.09bn in February 2011, down 39% from Rs. 48.96bn last year.
As reports suggest that the drop in collection is due to a shift towards conventional insurance policies which have regulator-designed investment norms. Also, these have lower-ticket size and not many pension products were sold either during the month.
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