The COVID-19 has badly impacted the life insurance sector after it reported a drop in monthly first year premium collection, reveals CARE Ratings research. The sector has witnessed a decrease of 32.6 per cent in the first year premium to Rs 6,728 crore in April 2020 from Rs 9,982 crore in April 2019. Also, the overall sum assured saw a drop of 16.4 per cent from Rs 2.72 lakh crore in April 2019 to Rs. 2.27 lakh crore in April 2020.