NEW DELHI: Life Insurance Corporation of India (LIC), the country’s largest insurer, has achieved a 22.52 per cent increase in new business premiums at Rs 1,32,680.98 crore during the first seven months of FY25, compared to the corresponding figure of Rs 1,08,289.78 crore in the same period of the previous fiscal year, data showed on Monday.
In the Individual Premium category, LIC collected Rs 33,204.36 crore in the first seven months of FY25, marking a 13.58 per cent growth from Rs 29,233.73 crore over the same period in FY24. The Group Premium segment expanded by 25.79 per cent, reaching Rs 97,947.05 crore from Rs 77,864.69 crore last year. Additionally, Group Yearly Premiums rose by 28.39 per cent to Rs 1,529.57 crore, up from Rs 1,191.35 crore in the same period the previous year, according to data compiled by the life insurer.
During these seven months, LIC issued 97.60 lakh policies and schemes, a 2.76 per cent increase over the 94.98 lakh policies issued in the comparable period of FY24. Within the Individual segment, policies grew by 2.76 per cent to 97.41 lakh, up from 94.79 lakh. However, Group Yearly Renewable policies dropped by 3.08 per cent to 15,757 compared to 16,258 last year, while Group schemes and policies rose by 17.50 per cent to 3,028 from 2,577 in the first seven months of FY24.
For October 2024 alone, LIC’s new business premium rose by 9.48 per cent year-on-year to Rs 17,131.09 crore, up from Rs 15,647.14 crore in October of the previous year.
Looking at segment-specific performance in October 2024, the Individual Premium segment saw a 9.40 per cent decline, totaling Rs 3,712.62 crore, down from Rs 4,097.72 crore in October 2023. Conversely, the Group Premium segment rose by 15.50 per cent to Rs 13,267.93 crore from Rs 11,486.89 crore last year, and Group Yearly Premium collections surged by 140.75 per cent to Rs 150.54 crore from Rs 62.53 crore in October 2023.
In October 2024, total policies and schemes issued dropped by 59.71 per cent, totaling 5.72 lakh, compared to 14.22 lakh in October 2023.
Within the Individual category, there was a 59.76 per cent decrease in policies and schemes, with 5.71 lakh issued, down from 14.19 lakh. The Group Yearly Renewable policies and schemes also fell by 39.47 per cent to 1,541, from 2,546 in the prior year, while Group schemes and policies declined by 8.78 per cent to 343, down from 376 in October 2023.
Also Read: Securing Child’s Future with the Best Life Insurance Plans
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