New business premium of life insurers contracted for the 2nd consecutive month due to the impact of the deadly virus and the lockdown. Fresh business premium in April 2020 fell by 32.6% to just Rs.6728 crore on a YOY comparison. Even the largest life insurer, LIC, saw its new business premium fall by 32%. Even the overall sum assured was lower by 16.4%. While HDFC Life saw new business premium (NBP) fall by 53%, ICICI Pru Life saw its NBP fall by 60%. Interestingly, SBI Life actually saw a marginal increase of 0.5% in its NBP. Private insurers also witnessed a 40% fall in their Annual Premium Equivalent (APE).