Life Insurers Soar: 40% Premium Growth in December After GST Relief

• India's life insurance industry saw a nearly 40% year-on-year growth in new business premiums (NBP) in December, its strongest monthly performance this fiscal year.
• The growth was driven by improved affordability due to GST rationalization on individual life insurance policies.
• Total first-year premium income reached ₹42,151 crore in December, a 39.5% increase from the previous year.
• LIC led the expansion with a 57.45% jump in NBP to ₹21,294 crore, while private insurers collectively grew 25% to ₹20,857 crore.
• Policy issuance also remained strong, with 2.8 million policies sold in December, a 35.44% year-on-year increase.

Why It Matters: Life insurers achieved significant premium growth in December, boosted by GST relief and strong policy sales.