Whole new enterprise premium of the life insurance coverage trade rose by 5.13 per cent for the yr ended March 2025 with particular person new enterprise premiums registering a progress of 11.17 per cent, in keeping with information from the Life Insurance coverage Council.
The trade confirmed a 2 per cent progress in new enterprise premium within the earlier monetary yr ended March 2024.
The life insurance coverage sector collected a complete of Rs 3,97,336 crore for the yr 2024-25 in comparison with Rs 3,77,960 crore for the earlier monetary yr. The person new enterprise premium collected within the yr 2024-25 stood at Rs 1,66,590.81 crore, in comparison with Rs 1,49,851.67 for the earlier monetary yr.
LIC, India’s largest life insurer, garnered Rs 2,26,669 crore in new enterprise premium for FY25, which features a document Rs 62,404 crore from particular person new enterprise. LIC is the market chief with a 57.05 per cent share within the life insurance coverage enterprise.
“This sturdy efficiency is attributed to life insurers’ concentrate on encouraging first-time patrons to safe complete monetary safety, leading to a 4.47 per cent progress in mixed particular person premium collections for March 2025 and an 11.17 per cent year-to-date improve,” the council mentioned. Within the group coverage phase, single premiums reached Rs 33,543 crore, with the class registering a 0.46 per cent progress in premiums collected throughout March 2025.
The trade added 11,15,661 new particular person life insurance coverage brokers within the fiscal yr 2024-25, resulting in a 7.88 per cent progress within the cumulative agent depend.
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