KOLKATA, Jan 11: Life Insurance Corporation of India (LIC), the country’s largest life insurer, recorded a 14.64 percent year-on-year (YoY) growth in new business premiums during the calendar year 2024, exceeding the insurance industry’s growth of 14.41 pc and the private life insurers’ growth rate of 14.55 pc, according to data from the Life Insurance Council.
The insurance behemoth (LIC) collected Rs 2,33,073.36 crore in premiums during this period, a 14.64 pc increase compared to Rs 2,03,303 crore in the same period last year.
The overall life insurance industry reported premium collections of Rs 4,02,773.18 crores, reflecting
a 14.55 pc YoY rise from Rs 3,51,626.20 crore. Meanwhile, private life insurers garnered
Rs 1,69,699.83 crore, up 14.41 pc from Rs 1,48,323.21 crore in the previous year.
In the Individual Premium segment, LIC saw a 4.92 pc increase, collecting Rs 61,365.75 crore, up from Rs 58,486.69 crore in CY24. The Group Premium segment expanded by 18.22 pc, reaching
Rs 1,69,240.45 crore from Rs 1,43,152.75 crore in the prior year. Additionally, Group Yearly Premiums rose by 48.31 pc to Rs 2,467.14 crore, compared to Rs 1,663.55 crore during the same period last year.
During the CY24, LIC issued 1.96 crore policies and schemes, reflecting a 2.72 pc decrease from 2.01 crore in the same period of CY23. While individual policies decreased by 2.72 pc to 1.95 crore
from 2.01 crore, Group Yearly Renewable Policies declined by 1.72 pc to 29,968 from 30,494.
However, Group Schemes and Policies saw a significant rise of 14.57 pc, reaching 6,362 from 5,553.
In December 2024, the Individual Premium segment recorded a 0.77 pc decline, amounting to Rs 5,150.75 crore, compared to Rs 5,111.52 crore in December 2023. The Group Premium segment dropped sharply by 53.75 pc to Rs 8,238.67 crore, down from Rs 17,812.46 crore in the previous
year. On the other hand, Group Yearly Premium Collections grew by 134.67 pc, totaling Rs 134.44 crore, up from Rs 57.29 crore in December 2023.
Total policies and schemes issued in December 2024 declined by 19.85 pc to 21.24 lakh, compared to 26.50 lakh in December 2023. The Individual Category saw a 31.61 pc drop, with 11.60 lakh policies and schemes issued, from 16.97 lakh. Group Yearly Renewable Policies and Schemes fell by 24.87 pc to 2,381 from 3,169, while Group Schemes and Policies grew modestly by 4.13 pc to 348, up from 363 in December 2023.
The Bima Sakhi scheme has been received with great enthusiasm by the nation. After one month since the inauguration by Prime Minister Narendra Modi, the total registration for Bima Sakhi is 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.
(UNI)
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