Kathmandu. The Indian life insurance market has registered a growth rate of 5.1 per cent in the premium collection for new insurance businesses in the financial year 2024 ended March. According to data published by the Life Insurance Council, life insurers collected a total of Rs 3.97 lakh crore in first insurance premium last year.
According to The Asian Insurance Post, life insurance earned a total of Rs 3.77 lakh crore in the previous financial year. This year, the income from the sale of new insurance has increased by Rs 20 lakh crore.
According to the Council, the lead of state-owned Life Insurance Corporation (LIC) in terms of transaction amount and number of insurance policies among life insurers remained intact last year as well.
Individual new business insurance premium, including personal single insurance and personal non-single insurance, increased to Rs 1.66 lakh crore from Rs 1.49 lakh crore a year ago. In this segment, insurance companies have increased their business by 11 percent.
However, the number of insurance policies sold by Indian life insurance companies declined by 7.39 per cent to 270.63 crore in FY25. It was Rs 2,92.22 crore in the previous fiscal year 2024.
Life Insurance Corporation of India’s total number of insurance policies declined by nearly 13 per cent to Rs 1.78 crore in FY25 due to the implementation of new surrender price norms with effect from October 1, 2024. Which was 2.04 crores in FY24.
