The life insurance industry reported a 15% year-on-year rise in new business premiums to Rs 40,206.67 crore in September, supported by robust growth from both the Life Insurance Corporation of India (LIC) and private insurers.

The rebound follows a 5% decline in August, when collections dropped to Rs 30,958.77 crore as customers delayed purchases in anticipation of GST rate cuts on life insurance.

LIC’s premium income grew 12% year-on-year to Rs 22,957.09 crore, led by a sharp 35% increase in group insurance premiums to Rs 17,878.94 crore. However, individual new business premiums fell 28% to Rs 5,078.17 crore, while the number of policies sold declined 42% to 13.6 lakh during the month. Private life insurers — comprising 26 companies — reported an 18% growth in new business premiums

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