Total new business premium of the life insurance industry rose by 5.13 per cent for the year ended March 2025 with individual new business premiums registering a growth of 11.17 per cent, according to data from the Life Insurance Council.
The industry showed a 2 per cent growth in new business premium in the previous financial year ended March 2024.
The life insurance sector collected a total of Rs 3,97,336 crore for the year 2024-25 compared to Rs 3,77,960 crore for the previous financial year. The individual new business premium collected in the year 2024-25 stood at Rs 1,66,590.81 crore, compared to Rs 1,49,851.67 for the previous financial year.
, India’s largest life insurer, garnered Rs 2,26,669 crore in new business premium for FY25, which includes a record Rs 62,404 crore from individual new business. LIC is the market leader with a 57.05 per cent share in the life insurance business.
“This strong performance is attributed to life insurers’ focus on encouraging first-time buyers to secure comprehensive financial protection, resulting in a 4.47 per cent growth in combined individual premium collections for March 2025 and an 11.17 per cent year-to-date increase,” the council said. In the group policy segment, single premiums reached Rs 33,543 crore, with the category registering a 0.46 per cent growth in premiums collected during March 2025.
The industry added 11,15,661 new individual life insurance agents in the fiscal year 2024-25, leading to a 7.88 per cent growth in the cumulative agent count.
