|Nil - 01/06/2012
Source: The Financial Express
Life insurance contracts are long term in nature and are entered into either with an individual or a corporate group for providing insurance solutions for the group members. The former is called the individual segment business where as the latter is termed as group segment business. The premiums are collected at the beginning of the contract. One-time collection of premium is called single premium. Premiums collected at periodical intervals, say monthly/quarterly/half yearly/annually, are called non-single or regular premiums. The premium collected in the first year of the contract is classified under First Year Premium or New Business Premium. The premium collected from second year onwards under non-single premium policies are called renewal premium. The monthly performance of life insurance companies on First Year Premium (during the month and up to the month) is collated and published by the Insurance Regulatory and Development Authority (Irda) every month. It provides data on individual or group segment and single or non-single (regular) premium. The performances are published under combinations of four categories — individual single, individual non-single, group single and group non-single.