evidence: People now have a much better understanding of the need for financial protection against life’s uncertainties. Thus, despite two Covid-19 waves, premium growth for life insurers remains on a strong trajectory. Number of policies for all insurers has also grown by a robust 10% in FY22 till date. Private life insurers reported robust growth of 34% and 28% YoY in November in terms of total annualised premium equivalent (APE) and individual APE, respectively, shows data by ICICI Securities. On sequential basis, total APE and individual APE grew at 14.5% and 6.8%, respectively. The claims have bloated too. Latest data from Insurance Regulatory and Development Authority of India (IRDAI) shows the death claims rose by 41% in FY21 to ₹41,958 crore. Whereas, earlier in FY20, the death claims rose by 11% to ₹29,793 crore. The death claims further rose drastically by five to ten times earlier this year in April amid deaths during the second Covid-19 wave, before cooling off as the pandemic situation came under control during the second half of the year. However, industry experts still see a multifold rise in claims ahead.