New Delhi, 13 April (IANS). Life Insurance Corporation of India (LIC) said on Tuesday that its new business premium in April increased by 9.91 percent on an annual basis, which is higher than the industry’s 8.43 percent growth rate and private life insurance companies’ growth rate.
According to data released by Life Insurance Corporation, LIC collected Rs 13,610.63 crore in the new business premium last month, which is more than Rs 12,383.64 crore last year.
The overall life insurance industry collected Rs 21,965.73 crore, which is 8.43 percent more than Rs 20,258.86 crore collected in this month last year.
Private life insurance companies contributed Rs 8,355.10 crore, which is an increase of 6.09 percent from Rs 7,875.22 crore in the previous year.
According to the data, in the individual premium category, LIC recorded a slight decline of 0.46 percent, in April 2025, Rs 3,160.87 crore was collected in this category, while in April 2024, Rs 3,175.47 crore was collected.
However, the group premium segment recorded a strong growth of 13.48 percent, which increased from Rs 9,208.17 crore to Rs 10,449.76 crore in a year ago.
The total policies issued by LIC decreased from 8.56 lakhs to 7.26 lakhs in the same period last year.
In April, the number of individual policies decreased to 7.24 lakhs. This number was 8.55 lakhs in April 2024. The number of group policies also declined from 1,425 to 1,169.
According to the data, the total premium amount collected by LIC for a period of four months of January-April 2025 came down from Rs 87,500.97 crore to Rs 82,324.58 crore last year.
In the individual premium segment, it increased to Rs 23,188.46 crore as compared to Rs 22,164.24 crore in the same period last year.
According to the data, the amount of the group premium segment for the January-April period was Rs 59,136.12 crore, which was Rs 65,336.73 crore in the same quarter of the previous year.
LIC issued a total of 68.05 lakh policy for a four-month period of January-April 2025, while the figure was on 87.05 lakh policy in the same period last year.
-IANS
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