Indian Life Insurance
Industry : Total 22.50 lakh Agents in
January 2020, added 1,12,010 Agents in one year..!
LIC
of India added 44,294 agents while
private insurers added 67,716 agents as on January 2020.
Last year was good for the Rs. 40
lakh crore life insurance industry. The industry has added over 1.12 lakh
agents in just one year, shows the latest data issued by Life Insurance Council, a trade body of the
life insurance industry.
The total life agency force
increased from 21.38 lakh in January 2019 to 22.50 lakh in January 2020.
Industry behemoth LIC of India added
44,294 agents last year while private players added 67,716 agents last year.
Currently, agents dominate life
insurance sales for individual policyholders.
Individual agents have sold 62% of
the new life insurance policies in FY 2018-19. Both the state owned LIC of India
(96% share) and private players (26% share), receive substantial new business through agency
channel.
|
Insurer
|
Net No.
of Agents as on 31 Jan 2020
|
Net No.
of Agents as on 31 Jan 2019
|
Change
|
Change(%)
|
|
Private Total
|
1045710
|
977994
|
67,716
|
6.92
|
|
LIC
|
1204759
|
1160465
|
44,294
|
3.82
|
|
Grand Total
|
2250469
|
2138459
|
112,010
|
5.24
|
Source: Life Insurance Council
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