Life insurance industry's new business premium (NBP) grew 16% YoY to ₹4.60 lakh crore in FY26, Financial Express reported. The growth was primarily driven by reduction of GST to nil on individual life insurance policies. LIC, the country’s largest life insurer, reported a 15% YoY increase in NBP to ₹2.60 lakh crore, accounting for 57% of the total industry premium.