As per the information of Insurance coverage Regulatory and Improvement Authority of India (IRDAI), Life Insurance coverage Company’s (LIC) first yr premium declined 4 per cent to ₹2,22,522 crore towards ₹2,31,899 crore within the earlier monetary yr. It witnessed lower in segments of particular person single premium, particular person non-single premium, group single premium and group non-single premium
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The 25 personal insurers registered 12.11 p.c development in first yr premium at ₹1,55,437 crore as towards ₹1,38,643 crore. The highest development was within the group single premium at 22 per cent at ₹53,719 crore (₹43,748 crore). The personal life insurance coverage trade has a market share of 41.13 p.c. whereas LIC had 56.87.
The sum assured for the life insurance coverage trade grew by 21.55 computer to ₹88,48,606 crore (₹72,80,103 crore).
Commenting on the expansion in life insurance coverage trade, the Life Insurance coverage Council, a discussion board to coordinate discussions between all stakeholders within the Indian life insurance coverage trade, stated: “The life insurance coverage trade in India has been powering forward by enhancing insurance coverage entry and reaching out to the uninsured part of the nation’s inhabitants.’”
This was mirrored within the `robust’ development in particular person life insurance coverage brokers, with Indian life insurers including 2,76,850 brokers in FY24 alone. “This improve is being complemented by the fast tempo of digitalisation being undertaken by life insurers, auguring properly for additional will increase in insurance coverage penetration that ought to bolster new enterprise premiums in FY25 and past,’‘ the council added.
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