Life insurers' new business premium jumps 45% to Rs 9,739 crore in April

Life Insurance firms recorded nearly 45 per cent growth in their cumulative new business premium at Rs 9,738.79 crore in April 2021, as per IRDAI data released on Friday, May 7. All 24 life insurance firms had collected Rs 6,727.74 crore as a cumulative new business premium during April 2020.

The biggest player in the market, state-run LIC (Life Insurance Corporation of India), registered a 35.6 per cent jump in the first year or new business premium. The amount stood at Rs 4,856.76 crore in April 2021, compared to Rs 3,581,65 crore in April 2020, explained the Insurance Regulatory and Development Authority of India (IRDAI).

Other private sector life insurance companies saw a jump in their combined first year or new business premium at Rs 4,882.04 crore. Their first-year premium was Rs 3,146.09 crore in the year-ago month.

LIC is the biggest player in the life issuance segment and commands a market share of 49.87 per cent. The rest of the 23 private players control 50.13 per cent of the life insurance market.

In April 2021, the number of policies/schemes sold by 24 life insurance firms jumped 140 per cent to 9,96,933. LIC saw a 275 per cent increase in the number of policies/schemes at 6,92,185 while private firms witnessed a 32 per cent jump at 3,04,748 in their collective policies/schemes during April 2021.

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