Life insurance companies in India reported new business premium (NBP) collections increased 14.20% in July to ₹31,822.69 crore, from the ₹27,867.10 crore a year earlier, on the back of demand for enhanced insurance protection from both individual and corporate consumers.

The NBP for the first four months of the fiscal, ended July, rose 20.50% to ₹1,21,549.39 crore (₹1,00,871.97 crore), industry business numbers released by Life Insurance Council showed.

New policy issuances increased by 2.73% y-o-y resulting in addition of 23,88,720 new policies vis-à-vis 23,25,235 policies sold in the year ago period, the Council said in a release.

Market leader, State-owned Life Insurance Corporation of India (LIC) posted a 19.78% increase y-o-y in NBP with ₹18,430.63 crore (₹15,386.57 crore). Upto July this fiscal, it reported 25.98% increase in the NBP to ₹75,871.53 crore (₹60,223.77 crore.

The number of policies and schemes issued by LIC in July declined 1.96% to 16.27 lakh (16.60 lakh). For the first four months of FY25, the number of policies and schemes issued grew by 6.49% to 51.99 lakh (48.82 lakh), LIC said in a release.

Private life insurers NBP rose 7.30% to ₹13,392.07 crore (₹12,480.53 crore) in July, while for the first four months of 2024-25, the NBP increased 12.37% to ₹45,677.87 crore (₹40,648.20 crore).