New business premiums of life insurance companies saw a 13.8 per cent rise for the period between April 1 and August 31, 2015, on the back of strong growth registered by private life insurers.
According to Insurance Regulatory and Development Authority of India (Irdai) data, life insurers collected first-year premium of Rs 45,871 crore for the period as compared to Rs 40,296 crore collected in the corresponding period last year.
Private life insurers saw a growth of 27 per cent and collected new premiums of Rs 13,434 crore for the period. They posted a strong growth in all segments, including individual single, individual non-single, group single and group non-single.
The Life Insurance Corporation of India (LIC) saw a growth of 9.2 per cent collecting new premiums of Rs 32,436 crore for the period, on the back of healthy growth in group single premium. However, LIC saw a decline in growth in individual single, group non-single and non-single premium segments for the period.