“India is poised to remain as the fastest growing large economy in the world. In 2018, we expect India to grow at over 7.4 per cent,” Economic Affairs Secretary Subhash Chandra Garg told the 97th meeting of the Development Committee of the World Bank here yesterday.

LIC collected Rs 1.34 lakh crore of new premiums in FY18 showing an 8 percent growth over the previous year while private life insurers led by HDFC Life collected Rs 59,314.55 crore in FY18 showing a 17.1 percent growth over FY17.

“A nor’wester hit the city with a gale force of 98 km per hour around 7.42 pm,” Regional Meteorological Director G K Das said.

HDFC Life has managed to maintain a balanced product mix with ULIPs contributing 57 per cent and conventional products forming 43 per cent of the individual APE(Annualized Premium Equivalent). It has continued focus on protection business, thereby contributing 26 per cent of total new business premium (FY17: 22 per cent). 25 per cent of  company’s individual policies sold during FY18 were protection business policies (FY17: 25 per cent)’’ said Amitav Chaudhry, MD & CEO, HDFC Life .

A committee consisting of Atul Sahai, general manger, Oriental Insurance Comoany,,John Pulinthanam. general manager & director, National Insurance Company, K. Govindrajan, general manager & director, United India Insurance., has already submitted a detailed report to the MoF suggesting the ways and means for the merger of three insurers..Another proposal to appoint a consultant to provide guidance on the merger is waiting for the approval of the GIPSA, the official association of four PSU general insurers.