new delhi the life insurance industry has something to cheer about the collection of group insurance premium grew 4196 during apriljanuary 200809 in the backdrop of the deceleration in the sector analysts tracking the sector attributed this to the growing number of both public and private sector companies that are approaching insurers to manage their employees pay components such as gratuity and superannuationcompanies either have the option of managing the components on their own or they can ask insurers to do it for them by subscribing to a group insurance schemewith the recent uncertainty in the market corporates are now preferring to engage insurers to manage several employee pay schemes such as gratuity superannuation and savingslinked insurance which come under group insurance sbi life icici prudential and lic are some firms that have attracted big business in the group insurance category and have contributed to the sectors growthfor sbi life premium collection for group insurance grew over threefold from rs 42482 crore in apriljanuary 200708 to rs 153866 crore this fiscal while icici prudential and lic recorded 4848 and 3093 growth respectivelyas per data available with the insurance regulatory development authority irda group insurance premium clocked rs 1198803 crore in the last 10 months against rs 844440 crore in the corresponding period last fiscalicici prudential chief group alternate channels tarun chugh said salary hikes in the government sector have also meant higher gratuity and superannuation cover for employees this in turn has pushed sales of group insurancegroup insurance covers a group of people of an organisation with premium paid by the employer it is an attractive business for an insurance company as it involves minimal operational expensespremium collection in the group insurance category has grown significantly over the last few years with growing awareness in india inc about the benefits of group insurance said a senior lic official who asked not to be quotedthe life insurance industry on the whole has witnessed a slowdown in growth insurance cover is not a top priority for consumers as it is not seen as a necessity said a senior official at a private insurer who did not wish to be quoted