Life insurance coverage corporations in India reported new enterprise premium (NBP) collections elevated 14.20% in July to ₹31,822.69 crore, from the ₹27,867.10 crore a yr earlier, on the again of demand for enhanced insurance coverage safety from each particular person and company customers.
The NBP for the primary 4 months of the fiscal, ended July, rose 20.50% to ₹1,21,549.39 crore (₹1,00,871.97 crore), business enterprise numbers launched by Life Insurance coverage Council confirmed.
New coverage issuances elevated by 2.73% y-o-y ensuing as well as of 23,88,720 new insurance policies vis-à-vis 23,25,235 insurance policies offered within the yr in the past interval, the Council stated in a launch.
Market chief, State-owned Life Insurance coverage Company of India (LIC) posted a 19.78% enhance y-o-y in NBP with ₹18,430.63 crore (₹15,386.57 crore). Upto July this fiscal, it reported 25.98% enhance within the NBP to ₹75,871.53 crore (₹60,223.77 crore.
The variety of insurance policies and schemes issued by LIC in July declined 1.96% to 16.27 lakh (16.60 lakh). For the primary 4 months of FY25, the variety of insurance policies and schemes issued grew by 6.49% to 51.99 lakh (48.82 lakh), LIC stated in a launch.
Personal life insurers NBP rose 7.30% to ₹13,392.07 crore (₹12,480.53 crore) in July, whereas for the primary 4 months of 2024-25, the NBP elevated 12.37% to ₹45,677.87 crore (₹40,648.20 crore).
