Overview

• New business premiums climbed 4.25% year-on-year to Rs 93,544.54 crore in June, a surge the Life Insurance Council attributed to efforts targeting first-time buyers.
• Overall premium collections fell 3.1% to Rs 41,117 crore in June and total policy counts dropped nearly 7% to 20.06 lakh, underscoring retention challenges.
• Individual single-premium business jumped 21.91% to Rs 4,661.52 crore while non-single premiums rose 9% to Rs 9,058.63 crore, reflecting evolving product preferences.
• The sector added over 2.42 lakh new agents in June, bolstering digital onboarding initiatives and expanding reach into tier-2 and tier-3 cities.
• Axis Max Life led private sector growth with a 21% premium increase, contrasting with LIC’s 3% decline and highlighting intensifying market competition.