The life insurance industry has registered more than four-fold increase in premium collection between 2001-02 and 2008-09, the Lok Sabha was informed today.

"In the life segment, the total premium has grown from Rs 50,094 crore in the year 2001-02 to Rs 2, 23,556 crore in 2008-09 showing a growth of 346 percent over the period," Minister of State for Finance Namo Narain Meena informed the Lower House.

Similarly, in the non-life segment, the gross direct premium has grown from Rs 11,447 crore in 2001-02 to Rs 30,601 crore in 2008-09, showing a growth of 167 percent over the period, he added.

He, however, said that in the last fiscal, the pace of growth in the insurance sector has slowed down which might be a result of the economic meltdown.

Meena said the future growth of this sector would largely depend upon the growth of the gross domestic product of the country.