- By Aditya Pratap Singh
- Fri, 11 Oct 2024 05:12 PM (IST)
- Source:JND
Life insurers recorded a 14 per cent growth in new business underwriting with premium collections of Rs 35,020 crore in September. In the same month a year ago, the new business premium stood at Rs 30,716 crore.
The industry body witnessed a 19 per cent rise to Rs 1,89,214 crore in the first half of the financial year from Rs 1,58,377 crore in the corresponding period last year, as per the monthly data released by the Life Insurance Council.
Issuance of new policies also increased by 45.49 per cent year-on-year driven by strong demand for enhanced insurance protection from private customers, which resulted in the addition of 32,17,880 new policies against 22,11,680 policies arranged in the year-ago period. It is also said.
Individual unit premiums in the life insurance industry rose by 13 per cent to close at Rs 5,142 crore for September, up 14.99 per cent year-on-year, as per the data released by the Life Insurance Council. The Life Insurance Corporation (LIC) collected new premiums of Rs 20,369 crore in September 2023 against Rs 18,126 crore, a rise of 25 per cent.
However, the private sector simultaneously grew by 12 per cent to Rs 73,664 crore from Rs 65,734 crore in the same month a year ago.
The life insurance industry in India is making efforts by expanding access to insurance and reaching out to areas and segments of the country’s population that were previously underserved in terms of their insurance needs.
(With Agencies Inputs)
