The first-year premium or new business premium of life insurers increased 2 per cent to ₹3,77,960 crore in the financial year ended March 31, 2024, compared with ₹3,70,543 crore in the previous financial year.
As per the data of Insurance Regulatory and Development Authority of India (IRDAI), Life Insurance Corporation’s (LIC) first year premium declined 4 per cent to ₹2,22,522 crore against ₹2,31,899 crore in the previous financial year. It witnessed decrease in segments of individual single premium, individual non-single premium, group single premium and group non-single premium
The 25 private insurers registered 12.11 percent growth in first year premium at ₹1,55,437 crore as against ₹1,38,643 crore. The highest growth was in the group single premium at 22 per cent at ₹53,719 crore (₹43,748 crore). The private life insurance industry has a market share of 41.13 percent. while LIC had 56.87.
The sum assured for the life insurance industry grew by 21.55 pc to ₹88,48,606 crore (₹72,80,103 crore).
Commenting on the growth in life insurance industry, the Life Insurance Council, a forum to coordinate discussions between all stakeholders in the Indian life insurance industry, said: “The life insurance industry in India has been powering ahead by improving insurance access and reaching out to the uninsured section of the country’s population.’”
This was reflected in the `strong’ growth in individual life insurance agents, with Indian life insurers adding 2,76,850 agents in FY24 alone. ``This increase is being complemented by the rapid pace of digitalisation being undertaken by life insurers, auguring well for further increases in insurance penetration that should bolster new business premiums in FY25 and beyond,’‘ the council added.