LIC driving insurance industry growth, private sector yet to...

Insurance companies added only a few customers in the last one year and it was mainly renewal premium which drove collections ever since the eruption of the global economic crisis in September 2008, says SB Mathur, secretary-general, Life Insurance Council, a lobby group comprising 22 life insurers. New premium declined by Rs 6,000 crore last year but renewal premium increased by Rs 26,000 crore. In an interview with FE s Sunny Verma, Mathur says the Council is opposing the imposition of a minimum alternate tax on companies and personal income tax on withdrawals by policyholder, as envisaged in the proposed Direct ...

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