New life insurance policy enrolments grew 45.49 per cent and net business premium (NBP) collections grew by 14.01 per cent year-on-year in September 2024, according to the Life Insurance Council’s monthly September 2024 data. The report indicates higher demand from individuals and corporate consumers for life insurance policies. On year-to-date basis, the net premium collection grew by 19.4 per cent, while policy issuance increased by 13.64 per cent.
Key Highlights:
The life insurers’ new policy business premiums (NBP) grew by 14.01 per cent from Rs 30716.29 crore in September 2023 to Rs 35020.28 crore in September 2024 YoY.
The year ending September 2024, saw the issuance of 32,17,880 new policies compared to 22,11,680 in the year ended September 2023, or 45.49 per cent annual growth.
Individual single premiums grew 13.04 per cent to Rs 5,141.99 crore in the year ended September 2024.
Non-single premiums, or regular premium payments, rose by 35.23 per cent to Rs 11,500.11 crore in September 2024. The collection this year (YTD) also increased around 21 per cent compared to the same period the previous year.
The group policy segment also witnessed a 6.06 per cent growth in September 2024 in single premium policies. The overall group policy premium collection grew around 4 per cent in the year ended September 2024, with a 7.89 per cent annually where new policy issuance supported this growth by expanding.
Life Insurance Industry Growth
The life insurance segment occupies a larger market share than the non-life (general) insurance segment. As per the India Brand Equity Foundation (IBEF), India’s insurance penetration stood at 4.2 per cent of GDP in 2022; life insurance contributed 3.2 per cent and non-life contributed 1.0 per cent.
As per the data, the number of life insurance agents grew by around 4.6 per cent to 5,09,017. Additionally, there have been also efforts to reach out to uninsured people via the digital modes.
