Blitz Bureau
NEW DELHI: Life insurance companies in the country reported steady growth in August, with new business premiums (NBPs) rising 6.01 per cent compared to the same month last year, IANS reported.
According to data released by the Life Insurance Council, NBPs touched Rs 1,63,461.52 crore in August this year, up from Rs 1,54,193.76 crore in August 2024. The rise was supported by higher sales of both single and nonsingle premium policies. Individual single premiums grew by 9.71 per cent, while individual nonsingle premiums increased by 4.51 per cent during the month. On a year-todate (YTD) basis, individual premium collections posted a 6.20 per cent growth.
The council said the industry’s growth was driven by a stronger focus on first-time insurance buyers and wider distribution. Life insurers added more than 4.37 lakh new individual agents in the period. However, due to attrition, the overall agent base grew by 2.75 per cent. Industry officials said that a combination of agent additions and rapid digitisation will further strengthen insurance penetration across the country. “Agent addition, along with the rapid pace of digitisation, is expected to further boost insurance penetration, providing sustained momentum to new business premiums in FY25 and beyond,” the council noted.
