In the financial year 2023-24, life insurers in India saw a substantial rise in new business premium (NBP) collections, totaling Rs 27,034 crore as of April 2023. This represents a robust 29% growth compared to the same period in the previous year. The surge was driven primarily by Life Insurance Corporation of India (LIC), which collected Rs 16,540 crore, accounting for approximately 61% of the total NBP. LIC’s collections grew by 35%, showcasing its dominant position in the market.
Source:- news 18
Private life insurers also contributed significantly, garnering Rs 10,494 crore in new business premiums, marking a 20% increase year-over-year. Key players among private insurers included HDFC Life, SBI Life, and ICICI Prudential, which collectively bolstered the sector’s performance.
Source:- BBC news
Several factors contributed to this growth, including increased consumer awareness post-pandemic, a greater focus on financial security, and a diversified range of insurance products catering to varying customer needs. Additionally, digital advancements and simplified online processes have made purchasing insurance more accessible, further driving the uptake.
Overall, the life insurance sector’s impressive performance in new business collections highlights the growing importance of insurance in financial planning for Indian households.
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