New premium income of life insurance companies declined by 5.6% to Rs 12,976.99 crore in May this year, according to the IRDAI data.
As many as 24 life insurance companies in the country had a collective new business premium of Rs 13,739 crore in May 2020.
The country's largest insurer LIC reported a 12.4% fall in its new premium or the first-year premium income during the month to Rs 8,947.64 crore, according to the IRDAI data. LIC had collected Rs 10,211.53 crore as the new premium in year ago same month
The rest of 23 private sector insurers, however, posted 14.2% rise in their combined new business premium in May 2021 at Rs 4,029.35 crore as against Rs 3,527.48 crore in year ago month.