Life insurance companies see a 61% increase in new business premiums in April

The life insurance industry in India has witnessed a significant surge in new business premium (NBP) in April 2024, with a remarkable 61.23% increase compared to the same period last year. The NBP reached an impressive Rs 20,258.86 crore, up from Rs 12,565.31 crore in April 2023.

According to data released by the Life Insurance Council, the growth in NBP was primarily driven by a substantial rise of over 126% in group single premium. This surge in new business premium reflects a positive trend in the life insurance sector, indicating a growing demand for insurance products among consumers.

The industry also saw a 19% increase in the number of policies sold in individual single plans and a 10% growth in individual non-single plans. This data highlights the industry’s ability to attract new customers and expand its reach in the market.

Moreover, during the month of April, around 49,205 life insurance agents were added to the workforce, further strengthening the distribution network of life insurance companies.

The impressive growth in new business premium and the addition of new agents signify a positive outlook for the life insurance industry in India. As more individuals recognize the importance of financial protection and long-term savings, the demand for life insurance products is expected to continue growing in the coming months.