Life insurance premiums in India grew by 14% in July, reaching Rs 31,823 crore, driven by strong demand for insurance protection. LIC saw a significant jump in new business premium.
Photograph: Uttam Ghosh/Rediff.com
New Delhi, Aug 12 (PTI) Life insurers recorded a 14 per cent rise in underwriting new business with a premium collection of Rs 31,823 crore in July.
The country's biggest insurer Life Insurance Corporation of India (LIC) saw a 19.78 per cent jump in its new business premium to Rs 18,431 crore from Rs 15,387 crore in July 2023.
Data from the Life Insurance Council shows that its new business premium collection for the first four months of FY25 rose 26 per cent to Rs 75,872 crore from Rs 60,224 crore in the same period last year.
New business premiums expanded from Rs 27,867 crore in July 2023 to Rs 31,823 crore in July 2024, with year-to-date collections growing even more from Rs 1,00,872 crore to Rs 1,21,549 crore this year, according to the council data.
Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 2.73 per cent on a year-on-year basis in July 2024, resulting in the addition of 23,88,720 new policies vis-a-vis 23,25,235 policies sold in the year-ago period.
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