Indian life insurers collect ₹32,030.84cr in May despite policy dip
Business
Life insurance companies in India pulled in a little over 5% more from new business premiums this May, collecting ₹32,030.84 crore, even though the total number of policies issued dipped just a bit compared to last year, says the Life Insurance Council.
Private insurers outpace LIC premium growth
LIC's premium collections grew by 3.5%, but they handed out fewer policies than before.
Meanwhile, private insurers saw a stronger boost: their premiums rose by more than 7% and they actually issued more policies than last year.
Looking at April and May together, the whole industry is off to a strong start for the current fiscal year, with both premium collections and policy numbers rising compared to last year.