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High Consumer Awareness
• Splitting of joint families, absence of social security scheme and opening up of Insurance sector has contributed to increased awareness about life Insurance.
• Rigorous advertisement by 23 life Insurance companies has made people realize about importance of Life Insurance.
• The total First year Premium of life insurance industry has increased from 9,707 Crores in the year 2000-2001 to 1,07,209 Crores in the year 2012-13, showing a compounded annual growth of 22.16%.