life insurers registered a growth of 22.6 per cent in new premium at Rs 17,513.44 crore for August this fiscal. This compares with Rs 14,282.45 crore as new business premium during August of 2016-17. India's largest and the only public life insurer life Insurance Corporation (lIC) recorded a jump of 25 per cent in its new premium collection at Rs 13,382.30 crore during the month as against Rs 10,713.55 crore in the same period year ago, data from Irdai showed.
There are 24 life insurance firms in India, of which 23 are from the private sector. The private life insurance companies' collective new business premium in August rose 15.8 per cent to Rs 4,131.15 crore, from Rs 3,568.90 crore a year earlier. Among major private players, SBI life logged a fall in its new premium collection at Rs 820.33 crore, from Rs 822.28 crore in August 2016, according to the numbers from the Irdai.