The new premium collection of life insurers rose by over 51 percent to Rs 7,972.54 crore in April this year. The figure in April last year stood at Rs 5,268.30 crore. Of the total 24 life insurers, the private sector companies registered a rise of 24.2 percent to Rs 2,094.59 crore in first month of the 2016-17 fiscal. In the same month of 2015-16, they had generated new premium of Rs 1,686.33 crore.
While, LIC — the only state-owned life insurer in the country — posted a rise of 64 percent in new business premium at Rs 5,877.95 crore during the month. In April 2015, it collected Rs 3,581.96 crore. Among the private sector insurers, SBI Life’s first year premium rose to Rs 432.06 crore in April, 143 percent higher than Rs 177.96 crore in the same month year ago. The business premium of HDFC Standard Life increased by 8 percent to Rs 302.37 crore. ICICI Prudential Life reported an increase of 20.5 percent at Rs 277.96 crore.