New business premium (NBP) written by life insurers grew by 14.8% year-on-year in June 2024, and 22.91% in the current fiscal year.

According to data from the Life Insurance Council, NBP grew from ₹ 36,961 crore in June 2023 to ₹ 42,433 crore in June 2024, recording a higher year-on-year growth in collections in the quarter – from ₹ 73,004 crore to ₹ 89,726 crore. It has become a crore.

“Due to strong demand from individual consumers for better insurance protection, new policy issuances also increased by 12.13 per cent on a year-on-year basis in June this year, resulting in 21,79,282 new policies as against 19,43,529. “Increased policies in the previous year,” said the council.

The life insurance industry saw individual single premiums grow by 5.94% on a year-on-year basis to close at ₹ 3,823 crore in 2024, while the YTD growth stood at 14.87%. Individual non-single premium was ₹8,310 crore and grew by 19.61% last month, even as the YTD total was 19.92% higher than the same period last year.

According to the Council, combined individual premium collections for June 2024 increased by 14.93% and 18.25% on a YTD basis due to incentives for first-time life insurance buyers to purchase essential life insurance solutions.

In the group policy segment, single premium grew by 13.49 per cent with monthly collections at Rs 28,711 crore, according to the data.

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