The new business premium (NBP) of life insurance companies in India experienced a remarkable 39% year-on-year increase in April, reaching ₹30,550.38 crore ($3.7 billion USD), up from ₹21,964.2 crore in the same month last year. This growth is attributed to a favorable low base and the positive impact of the Goods and Services Tax (GST) reduction on retail life insurance policies. According to the Life Insurance Council, the Life Insurance Corporation of India (LIC) reported a 38% YoY increase in NBP, totaling ₹18,782 crore, while private life insurers collectively achieved a 40.88% increase, amounting to ₹11,768 crore. Notably, NBP from individual business rose 19.35% YoY to ₹9,458.5 crore, while group business saw a substantial 50.23% increase to ₹21,091.88 crore. Analysts from Nuvama highlighted that the industry is benefiting from a GST-led boost, particularly in term insurance, suggesting that this momentum may continue. Among private insurers, SBI Life Insurance led with an impressive 79.6% increase in NBP to ₹3,040.96 crore, followed by HDFC Life Insurance and ICICI Prudential Life Insurance with increases of 30.27% and 25.61%, respectively. The total number of life insurance policies sold also rose by 12.58% YoY to 1.29 million, with LIC selling 0.76 million policies and private insurers selling 0.53 million. The life insurance sector recorded 15.7% YoY growth in NBP for FY26, surpassing ₹4 trillion for the first time, largely due to the GST reduction from 18% to zero, marking the highest growth since FY23.