Collective new premium of 24 life insurers jumps 94% to Rs 32,241 crore in June

New Delhi: The collective new premium income of 24 life insurers jumped 94 percent to Rs 32,241.33 crore in June this year, as against Rs 16611.57 in the same period last year, data released by Insurance Regulatory and Development Authority of India (IRDAI) showed.

Individual Single Premium witnessed a growth of 28.16 percent to Rs 2414.42 from Rs 1883.90 in the same month a year ago while that of the Individual Non-Single Premium witnessed a growth of 12.64 percent, rising to Rs 5119.42 from Rs 4544.82 im the same month a year ago.

Group Single Premium in June rose 34.40 percent to Rs 13187.94 from Rs 9812.51, Group Non-Single Premium rose 18455.56 percent to Rs 11074.78 from Rs 59.68, Group Yearly Renewable Premium rose 43.17 percent to Rs 444.76 from Rs 310.66, IRDAI data showed.

The April-June, 2019-20 collective new premium income of 24 life insurers jumped 65.09 percent to Rs 60637.22 from Rs 36729.80 as compared to the same quarter last year.

Among the 24 insurers, country's largest life insurer Life Insurance Corporation of India (LIC), reported 133.08 percent rise in its new premium collection to Rs 26,030.16 crore in June, from Rs 11,167.82 crore in the same period last year.

The state-owned life insurance firm, witnessed more than two-fold rise in its new premium collection to Rs 26,030.16 crore in June, from Rs 11,167.82 crore in the same period last year.