Life Insurance Council, on July 2, launched 'Sabse Pehle Life Insurance' to increase awareness of life insurance and planned to spend Rs 160 crore every year for the next three years.
"We have planned to spend Rs 150 crore to Rs 160 crore every year for the next three years," said Kamlesh Rao, Chairperson - Insurance Awareness Committee
The total premium of the life insurance companies increased to Rs 8.29 lakh crore in FY24, from Rs 7.82 lakh crore in FY23. Of the total premium in FY24, the new business premium stood at Rs 4.52 lakh crore and the 3.78 lakh crore renewal premium.
The total premium of life insurance companies has grown at a 10 percent CAGR in the last five years, according to the press release.
On the investment front, the release said that Rs 24.37 lakh crore of life insurance premiums are invested in central government securities as at FY24.
In terms of government securities ownership, insurance companies hold 26 percent of outstanding government securities in FY24.
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