The new premium collected by life insurers rose by 26.6 percent in May to Rs 10,610.10 crore. The insurers had collected new premium of Rs 8,382.67 crore in the same month of 2015.
Of all the 24 life insurers, private sector companies witnessed an increase of 25.8 percent in new premium collection at Rs 3,248.35 crore for the month of May. It was at Rs 2,580.89 crore a year ago, data from insurance regulator Irdai showed. However, for state-run Life Insurance Corporation of India (LIC), the collection from new premium rose to Rs 7,361.75 crore in May, up 27 percent from the year-ago period. Its new business premium stood at Rs 5,801.78 crore in the same month of 2015. Their new collection rose to Rs 842.08 crore, up 156 percent (from Rs 328.62 crore year ago); Rs 502.59 crore, up 38.3 percent; Rs 127.46 crore, up 256 percent and Rs 197.66 crore, up 41.4 percent, respectively.