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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY - page 74 / 228

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Banks

Others*

Private Total

59.81

18.89

11.03

1.50

8.78

100.00

7.79

LIC #

98.36

1.30

0.29

0.05

-

100.00

-

Industry Total

83.75

7.97

4.36

0.60

3.33

100.00

2.95

*Any entity other than banks but licensed as a corporate agent.

  • #

    Does not include its overseas new business premium.

Note: 1) New business premium includes first year premium and single premium. 2) The leads obtained through referral arrangements have been included in the respective channels.

ANNUAL REPORT 2007-08

TABLE 48

INDIVIDUAL NEW BUSINESS PREMIUM OF LIFE INSURERS FOR 2007-08 CHANNEL WISE (Figures In per cent)

Life Insurer

Individual Agents

Corporate Agents

Referrals

Brokers

Direct Selling

Total

Direct selling too witnessed a large increase in the share of total business, from 0.38 per cent in 2006-07 to 3.33 per cent in 2007-08. The share of direct selling among private life insurers went up to 8.78 per cent in 2007-08 from 1.39 per cent in the previous year, while LIC did not procure any individual new business through this channel in both the years.

Group Business:

Direct selling continues to be the dominant channel of distribution for group business. The percentage of group business procured through direct selling continues to be around 88 per cent even in 2007-08.

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