The new business premium collection in the first half of FY25 rose 19 per cent to Rs 1,89,214 crore from Rs 1,58,377 crore in the same period last year, as per the monthly data released by the industry body Life Insurance Council.
Driven by a strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 45.49 per cent on a year-on-year basis in the month, resulting in the addition of new 32,17,880 policies vis--vis 22,11,680 policies in the year-ago period, it said.
Life insurers recorded a 14 per cent rise in underwriting new business with a premium collection of Rs 35,020 crore in September.
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