LIC clocks 14.64% growth in new business premiums in 2024, collects Rs 2.33 lakh crore

The Life Insurance Corporation of India (LIC) clocked a 14.64 per cent growth (year-on-year) in new business premiums in 2024, collecting Rs 2.33 lakh crore in the January-December period, according to data by the Life Insurance Council on Friday.

This stellar performance by nation's largest life insurer exceeds the insurance industry's growth of 14.41 per cent and the private life insurers' growth rate of 14.55 per cent, the data showed.

As per the data, LIC collected Rs 2,33,073.36 crore in premiums during the reporting period, a 14.64 per cent increase compared to Rs 2,03,303 crore in the same period in 2023.

In 2024, the overall life insurance industry reported premium collections of Rs 4,02,773.18 crore, reflecting a 14.55 per cent YoY rise from Rs 3,51,626.20 crore.

Meanwhile, private life insurers garnered Rs 1,69,699.83 crore, up 14.41 per cent from Rs 1,48,323.21 crore in the previous year.

In the individual premium segment, LIC saw a 4.92 per cent increase, collecting Rs 61,365.75 crore -- up from Rs 58,486.69 crore in 2024.

The Group Premium segment expanded by 18.22 per cent, reaching Rs 1,69,240.45 crore from Rs 1,43,152.75 crore in the prior year, according to the data by the Life Insurance Council.

Additionally, the group yearly premiums rose by 48.31 per cent to Rs 2,467.14 crore, compared to Rs 1,663.55 crore during the same period last year.

Last year, the insurer issued 1.96 crore policies and schemes. Group schemes and policies saw a significant rise of 14.57 per cent, reaching 6,362 from 5,553.

The Bima Sakhi scheme has been received with great enthusiasm. After one month since the inauguration, the total registration for Bima Sakhi was 52,511, out of which 27,695 Bima Sakhis have been issued appointment letters to sell policies and 14,583 Bima Sakhis have started selling policies.