India's life insurance market posted a 2% increase in total new business premium (NBP) to INR3,780bn ($45.4bn) in the financial year ended 31 March 2024 (FY2024) The pace of increase in the overall life sector was slower than the 18% chalked up in FY2023. On the other hand, the country’s 26 private-sector life insurers saw NBP growth of 12.1%.