New business premiums for the life insurance industry saw a 15.5 per cent rise in the April 1 to January 31 period in this financial year. Life insurers collected first year premiums of Rs 95871.62 crore this period as compared to Rs 82969.86 crore in the same period last fiscal.
The country's largest insurer Life Insurance Corporation of India (LIC) saw a growth of 15 per cent in new premiums and collected premiums of Rs 66335.70 crore in April to January period. Private insurers on the other hand collected new premiums of Rs 29535.92 crore for the period compared to Rs 25282.24 crore collected in same period previous fiscal.
Overall, segments like group single premium and individual non-single premium saw a healthy growth rate. Other segments like group non-single and individual single premium saw a de-growth in new premium collection for the industry, Private insurers, on the other hand, reported growth across all these segments in this period.