Life insurers' new biz premium down 17% in Feb, LIC collections shrink 32%

February is generally one of the busiest periods for life insurance companies

Life insurance companies  reported a 17 per cent year-on-year (YoY) drop in new business premium (NBP) in February as state-owned Life Insurance Corporation (LIC) of India’s premiums contracted 32 per cent during this period on account of a drop in its group single premium segment.

According to data released by the Life Insurance Council, the industry earned an NBP of Rs 22,847.65 crore in February — a drop of 17 per cent from the same period a year ago.

Generally, the last quarter of a financial year is the busiest period for life insurance companies as taxpayers look to buy