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(11 May 2024, 16:03)

Life insurance companies’ new business premium rose 61% to Rs 20,259 crore in April



Life insurance companies New Business Premium (NBP) income rose 61.23% to Rs 20,258.86 crore in April 2024, as against Rs 12,565.31 crore in the same period during the last year.

According to the latest data released by the Life Insurance Council, the growth in New Business Premium (NBP) was mainly due to group single premium which rose over 126.33% at Rs 11715.42 crore in April , against Rs. 5176.23 crore in the same period last year.

The industry showed a growth of 19.05% in the number of policies sold in individual single Premium plans and 10.31% growth in individual non-single premium plans, the data showed.

This strong growth was primarily driven by a 113% increase in premium collection by LIC in April 2024. The total premium collected by LIC in...

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