The life insurance industry in India has been making significant strides by expanding access to insurance and making an effort to reach out to areas and segments that were previously . The new business premiums (NBPs) underwritten by Indian life insurers in June 2024 has achieved a Y-o-Y growth of 14.80 per cent, with YTD figures recording a 22.91 per cent growth over the same period last year, as per a report by Life Insurance Council. 

Additionally, the new business premiums expanded from Rs 36,961 crore in June 2023 to Rs 42,433 crore in June 2024 while the YTD collections grew even more from Rs 73,004 crore to Rs 89,726 crore. The new policy issuances too increased by 12.13 per cent on a Y-o-Y basis in June 2024 due to a strong demand for enhanced insurance protection from individual consumers. This further resulted in the addition of 21,79,282 new policies as compared to 19,43,529 policies in the same period of previous year.

Premiums see steady growth 

According to data released, the life insurance industry saw individual single premiums growing by 5.94 per cent on a Y-o-Y basis to close at Rs 3,823 crore for June 2024 while YTD growth stood at 14.87 per cent. 

Meanwhile, the individual non-single premiums came in at Rs 8,310 crore and grew by 19.61 per cent in June, even as YTD collections settled at 19.92 per cent higher than the corresponding period last year. It is anticipated that the strong performance can be ascribed to the fact that life insurers are increasingly focusing on encouraging first-time life insurance buyers to buy essential life insurance solutions, contributing to the 14.93 per cent growth in combined individual premium collections for the month of June 2024 and 18.25 per cent growth on a YTD basis. 

In the group policy segment, single premiums grew by 13.49 per cent with monthly collections coming in at Rs 28,711 crore. In fact, the group policy category witnessed a 14.75 per cent growth in premiums collected in June 2024 while new policy issuances expanded by 6.73 per cent on a Y-o-Y basis.

Furthermore, life insurers added more than 2,19,820 individual life insurance agents, with an overall growth of 1.20 per cent in cumulative agent count.