Retail GST cut fuels 39% April Indian life NBP ₹30,550cr
Business
India's life insurance market kicked off fiscal 2027 with a bang.
New business premiums shot up 39% in April, totaling ₹30,550 crore.
This surge is mostly thanks to a recent GST cut on retail life insurance policies, making them more affordable and sparking fresh demand.
LIC premiums rise 38% to ₹18,782cr
LIC led the charge with premiums rising 38% to ₹18,782 crore.
Private insurers weren't far behind, seeing their NBP collections climb nearly 41% to ₹11,768 crore.
Policy sales also got a boost: overall numbers went up by over 12%, with SBI Life posting an impressive 80% growth among private players.
The GST tweak seems to be making protection and savings products way more popular this year.