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Life insurance industry reported a 61.23 per cent jump in new business premium (NBP) at Rs 20,258.86 crore in April 2024, as against Rs 12,565.31 crore in the same period of last year.
The growth in NBP was mainly due to group single premium which rose over 126 per cent, according to the recent data released by the Life Insurance Council. New business premium is the premium earned by issuing new insurance policies in a year.
The industry showed a growth of 19 per cent in the number of policies sold in individual single plans and 10 per cent growth in individual non-single plans, the data showed.
During the month, around 49,205 life insurance agents were added.
