IANS | 10 Jun, 2024
Life insurers in India closed May
with new business premium of Rs 27,034 crore, industry body Life Insurance
Council said on Monday.
According to the business figures
issued by the Life Insurance Council, the new business underwritten by the life
insurers last month stood at Rs 27,034 crore, up from the Rs 23,448 crore
booked in May 2023.
Driven by strong demand for
enhanced insurance protection from individual consumers, new policy issuances
too increased by 12.45 per cent on a Y-o-Y basis in May, resulting in the
addition of 18,68,096 new policies vis-a-vis 16,61,324 policies in the year-ago
period, the Council said.
According to the data released by
the Life Insurance Council, the industry saw individual single premiums growing
by 18.3 per cent on a year-on-year (Y-o-Y) basis to close at Rs 3,351 crore for
May.
Individual non-single premiums
came in at Rs 6,916 crore, marking a growth of 18.7 per cent in May.
The strong performance can be
ascribed to the fact that life insurers are increasingly focusing on
encouraging first-time buyers to purchase essential life insurance solutions.
In the group policy segment,
single premiums grew by 16.7 per cent with monthly collections coming in at Rs
15,976 crore.
In fact, the group policy
category witnessed a 13.15 per cent growth in premiums collected in May, while
new policy issuances expanded by 21.15 per cent on a Y-o-Y basis, the Life
Insurance Council said.