New Delhi, Dec. 16 -- The life insurance market in India has witnessed a marked shift over time, with private sector players firmly asserting their presence, a recent report by Motilal Oswal Financial Services said.

From FY15 onwards, growth resumed as insurers adapted to the new regulatory environment and diversified their product mix and channels.

Motilal Oswal also said the recent GST exemption on life and health insurance premium remained a huge boost for market growth.

Private sector Annual Premium Equivalent (APE) recovered to Rs 250 billion in FY15 and increased steadily to Rs 286 billion in FY16, Rs 349 billion in FY17 and Rs 407 billion in FY18, the report highlighted.

The expansion continued in the following years, with APE ...