Rising focus on tapping first-time life insurance buyers
MUMBAI, Jan 16 (The CONNECT) Indian Life insurers registered record new business figures in December’24 as the premium collections swelled by 9.91%, according to Life Insurance Council business numbers.
The industry saw individual single premiums growing by 13.52% on a Y-o-Y (year on year) basis to close at ₹ 4633.12 Crs for Dec’24 while YTD (year to date) growth stood at 13.68%. Individual non-single premiums came in at ₹ 12467.51 Crs and grew by 4.53% in Dec’24, even as YTD collections settled at 14.53% higher than the corresponding period last year.
This strong performance can be ascribed to the fact that life insurers are increasingly focusing on encouraging first-time life insurance buyers to buy essential life insurance solutions, contributing to the 6.82% growth in combined individual premium collections for the month of Dec’24 and 14.26% growth on a YTD basis, the council said in a press release.
