India's life insurers' new business grows 2% YoY FY’24

29.2 million policies were sold during the year.

Life insurers in India saw their new business performance climb 2.0% year-on-year (YoY) in fiscal year 2024 (FY’24), reaching INR3.3t, the Life Insurance Council shared.

The total number of policies for the year reached 29.2 million, inching up 2.47% YoY.

Individual single premiums only saw a slight increase of 0.78% during the period whilst individual non-single premiums leaped 5.01%.

Policies of single premiums dipped 2.02% to 1.3 million. Non-single premiums, however, went up 2.68% to 27.9 million policies.

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Similarly, group single premiums only climbed 0.60% whilst group non-single premiums dipped 15.03%. On the other hand, group yearly renewable premium surged 16.71%.

Policies of the group single premiums and group yearly renewable premium both surged 37.35% and 11.05% to 2,659 and 37,640, respectively. Group non-single premiums fell 17.75% to 5,360.