Total 32,17,880 new policies issued in September
With time, the understanding of both the need and importance of life insurance is increasing among the common people of the country. The latest figures released by the Life Insurance Council are strong evidence of this. According to the data of the Council, due to strong demand for insurance security from individual consumers, a huge increase of 45.49 percent has been recorded on an annual basis in the last month i.e. September 2024 in new life insurance policies.
32,17,880 new life insurance policies issued in September
According to the data of the Life Insurance Council, a total of 32,17,880 new life insurance policies were issued in September 2024, whereas last year in September 2023, only a total of 22,11,680 lakh new life insurance policies were issued.
14 percent increase in premium collection of life insurance companies
Due to this strong increase in demand for life insurance policies, life insurance companies collected a total premium of Rs 35,020 crore from new policies in September, which is an increase of 14 percent on an annual basis. A year ago, in the same month, life insurance companies had collected premium of Rs 30,716 crore from new policies. With this, the premium collection of the new policy in the first half (April-September) of the financial year 2024-25 increased by 19 percent to Rs 1,89,214 crore from Rs 1,58,377 crore in the first half of the last financial year.
LIC collected Rs 20,369 crore in September
According to Life Insurance Council data, individual single premium in the life insurance industry increased by 13 percent to Rs 5,142 crore in September. An increase of 14.99 percent has been recorded on annual basis. The country’s largest and government life insurance company LIC collected new premium of Rs 20,369 crore in September, which is an increase of 25 percent. The total premium of the private sector increased by 12 percent to Rs 73,664 crore whereas Rs 65,734 crore was collected in the same month a year ago.
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