Life insurers' new biz premium down 17% in Feb, LIC collections shrink 32%

Generally, the last quarter of a financial year is the busiest for life insurers as customers look to buy savings and term products to reduce their tax liability

Subrata Panda | Mumbai
Last Updated at March 8, 2023 20:59 IST

Photo: Bloomberg

Life insurance companies have reported a 17 per cent year-on-year (YOY) drop in new business premiums (NBP) in February, as state-owned insurer Life Insurance Corporation (LIC)’s premiums contracted by 32 per cent.

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