The Life Insurance Corporation of India (LIC) has reported a significant 14.64% year-on-year growth in new business premiums, collecting a total of Rs 2.33 lakh crore in the January-December period of 2024. This outpaces the overall insurance industry’s growth rate of 14.41% and the private life insurers’ growth rate of 14.55%. The data, released by the Life Insurance Council, shows that LIC’s premium collections increased from Rs 2,03,303 crore in the same period in 2023 to Rs 2,33,073.36 crore in 2024.
The overall life insurance industry reported a 14.55% year-on-year rise in premium collections, with total premiums reaching Rs 4,02,773.18 crore. Private life insurers also saw a significant increase, with premiums rising 14.41% to Rs 1,69,699.83 crore. In the individual premium segment, LIC reported a 4.92% increase, collecting Rs 61,365.75 crore. The Group Premium segment saw a more substantial increase of 18.22%, reaching Rs 1,69,240.45 crore.
The insurer also reported a significant rise in group yearly premiums, which increased by 48.31% to Rs 2,467.14 crore. In terms of policy issuance, LIC issued 1.96 crore policies and schemes in 2024, with group schemes and policies seeing a 14.57% rise. The company’s Bima Sakhi scheme, which was launched recently, has also seen significant enthusiasm, with 52,511 registrations and 27,695 Bima Sakhis issued appointment letters to sell policies. Overall, LIC’s performance in 2024 has been impressive, exceeding the industry’s growth rate and further solidifying its position as the nation’s largest life insurer.