Sale of Life Insurance Industry declines

The Life Insurance Industry will have a tough time ahead. The numbers of policy sold in this fiscal has seen a severe drop. According to the recent data of Life Insurance Council, the numbers of policy sold from April to December 2016 saw 4 per cent decline.  
 
Life Insurance Corporation (LIC), which is the largest insurance company, too witnessed a fall. The sales of the company have dropped by 6 per cent during April to December period. The industry sold 15.8 million policies from April to December, out of which 11.8 million was sold by LIC.
 
However, around 55 per cent to 60 per cent of the total insurance policy sales came in the last quarter where the salaried individuals rush to complete their investments for tax exemptions. In the month of December, there was a drop of 19 per cent in the number of new policies sold.