Renewal collection from unit-linked insurance policies (ULIPs) stands stood at Rs 46,239 crore in FY 2008-09, almost double from the previous year’s collection that stood at Rs 22,380 crore. On the other hand, the total premium collection of entire insurance industry for FY 2008-09 stood at Rs 2.20 lakh crore.
In FY 2008-09, the total asset managed by the life insurance industry stood at Rs 9.31 lakh crore, out of which Rs 7 lakh crore were invested in traditional space and Rs 2 lakh crore in ULIPs. On the other hand, new business premium income plunged by 7% on yearly basis.
A ULIP scheme is an investment plan with a risk covers attached to it.