Life insurance data for the month of April has been released and it has been a weak month for the insurers. CNBC-TV18 learns that large part of insurance buying got advanced to the month of March due to the new taxation rules.

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Finance minister Nirmala Sitharaman in her Budget 2023 speech had proposed to take away the tax free advantage from savings insurance plans issued on or after April 1, 2023 whose annual premium is above Rs 5 lakh.

For the life insurance Industry as a whole, the April premium is down 30 percent on a year on year basis and down 76 percent on a month on month basis.

However for the private life insurance industry the premiums grew by 9 percent on a year on year basis but was down by 71 percent on a month on month basis.

Company-wise, it was a second consecutive month of disappointment for Life Insurance Corporation of India. LIC saw its April premiums decline 50 percent on a year on year basis and were down 80 percent on a month on month basis.

On the other hand HDFC Life saw its April premiums increase by 3 percent on a year on year basis.

ICICI Prudential Life also saw its premiums decline by 17 percent on a year on year basis. While for Max Life Insurance the April premiums remained flat.

The second company to report premium growth was SBI Life Insurance with 8 percent rise compared to same month last year.

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