New Delhi, Sep 9
Indian life insurance companies reported steady growth in August, with new business premiums (NBPs) rising 6.01 per cent compared to the same month last year, a new report said on Tuesday.
According to data released by the Life Insurance Council, NBPs touched Rs 1,63,461.52 crore in August this year, up from Rs 1,54,193.76 crore in August 2024.
On a year-to-date (YTD) basis, individual premium collections posted a 6.20 per cent growth.
They expect this momentum to sustain in the coming months and into FY25.
The move comes as part of the broader GST rationalisation, which merged the 12 per cent slab with 5 per cent and subsumed the 28 per cent into 18 per cent