Indian Life insurance industry adds 1,900 new agents in April 2020 despite Lockdown woes
In 2019-20,
the Indian life insurance industry added
7,500 new agents each month on an average.
The nationwide lockdown has affected
recruitment of new agents in the insurance industry.
The latest data from Life Insurance
Council shows that the life insurance industry has added 1,904 new agents in
April 2020.
In 2019-20, the life insurance
industry had added 7,500 new agents each month on an average.
Of the 1,904 agents joining the life
insurance industry, LIC has recruited 1,824 agents while the private players
have added the balance 80 agents in April, 2020.
Last year, the Rs.40 lakh crore life
insurance industry added close to 90,000 agents in just one year.
Currently, agents dominate life
insurance sales for individual investors. Individual agents sold 62% of the new
life insurance policies in FY 2018-19.
While the state owned LIC of India receives 96%
of its new business through the agency channel, the private players have less
dependence on them, with just 26% of their new business coming through
the agency channel.
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