Indian Life Insurers start FY24-25 on an upbeat note

Hyderabad: Putting the spotlight on the growing Indian insurance industry, the Life Insurance Council released industry business figures today. New business premiums (NBP) underwritten by Indian life insurers grew by 61.23 per cent Y-o-Y, highlighting the growing demand for life insurance policies among the country’s population. The NBP of Indian life insurers stood at Rs 20,258.86 crores for April 2024 as opposed to Rs 12,565.31 crores for April 2023.

According to data released by Life Insurance Council, the life insurance industry, saw its NBP collection coming in at Rs 20,258.86 crores for April 2024 showing a growth of over 61 per cent. This growth is mainly due to Group Single Premium which grew over 126 per cent. The industry showed a very positive growth of 19 per cent in number of policies sold in Individual Single Plans and another 10 per cent growth was achieved in Individual Non-Single plans.

As many as 49, 205 life insurance agents were added to the fold within the first month of the financial year, indicating the growing popularity of the insurance sector as a career option. This increase is being complemented by the rapid pace of digitalisation being undertaken by life insurers which should further aid in the growth of the sector as well as in deepening penetration across the nation.