Life Insurance’ new business premium up 61% in April.
Life insurance industry sees 61.23% rise in new premiums to Rs 20,258.86 crore in April 2024, driven by group single premium surge of 126%.
The life insurance sector witnessed a significant surge of 61.23 percent in new business premium (NBP) to Rs 20,258.86 crore in April 2024, compared to Rs 12,565.31 crore during the same period last year.
This increase in NBP was primarily driven by a remarkable rise of over 126 percent in group single premiums, as per the latest data released by the Life Insurance Council. NBP represents the premiums generated from issuing new insurance policies within a given year.
The industry demonstrated growth of 19 percent in the number of policies sold under individual single plans and a 10 percent increase in individual non-single plans, according to the data.
Additionally, approximately 49,205 life insurance agents were onboarded during the month.
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