LIC records 14.64 per cent growth in new business premium in 2024

Delhi Delhi: Life Insurance Corporation of India (LIC) recorded a 14.64 per cent growth (year-on-year) in new business premium in 2024, collecting Rs 2.33 lakh crore in the January-December period, according to data released by the Life Insurance Council of India on Friday. This stellar performance of the country’s largest life insurance company is higher than the insurance industry’s growth of 14.41 per cent and the private life insurance companies’ growth rate of 14.55 per cent, the data showed. As per the data, LIC collected a premium of Rs 2,33,073.36 crore during the period under review, a growth of 14.64 per cent compared to Rs 2,03,303 crore in the same period in 2023.

In 2024, the overall life insurance industry recorded a premium collection of Rs 4,02,773.18 crore, showing a growth of 14.55 per cent from Rs 3,51,626.20 crore. Meanwhile, private life insurance companies garnered Rs 1,69,699.83 crore, an increase of 14.41 per cent from Rs 1,48,323.21 crore in the previous year. In the individual premium segment, LIC witnessed a growth of 4.92 per cent, collecting Rs 61,365.75 crore in 2024 from Rs 58,486.69 crore. According to data from the Life Insurance Council, the group premium segment grew by 18.22 per cent, reaching Rs 1,69,240.45 crore from Rs 1,43,152.75 crore in the previous year.

Additionally, the group annual premium grew by 48.31 per cent to Rs 2,467.14 crore as against Rs 1,663.55 crore in the same period last year. Last year, the insurer issued 1.96 crore policies and schemes. Group schemes and policies witnessed a significant growth of 14.57 per cent, rising from 5,553 to 6,362. The Bima Sakhi scheme has been received with great enthusiasm. One month after the inauguration, the total registration for Bima Sakhis has reached 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.