NEW DELHI: The life insurance industry witnessed a decline in new business premiums (NBP) in October 2025, primarily due to the recent Goods and Services Tax (GST) exemption on life insurance premiums.

According to a report by Systematix Research, the new business premium in October de-grew by 15 per cent on a month-on-month (MoM) basis, but grew by 12 per cent on a year-on-year (YoY) basis.

For the private sector, the total new business premium also decreased by 15 per cent MoM but recorded an 11 per cent growth on a YoY basis. The report stated, “The new business premium in the month of October 2025 de-grew by -15 per cent MoM but grew 12 per cent YoY.”

The latest decline in monthly premiums can be attributed to the GST exemption announced by the central government, which took effect

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