Life Insurance Corporation of India (LIC) reported a New Business Premium (NBP) of Rs 2,26,669.91 crore for the financial year 2024-25 (FY25), as per data released by the Life Insurance Council. This includes an all-time high individual premium collection of Rs 62,404.58 crore. The individual premium segment witnessed an 8.35% year-on-year growth, underlining strong demand despite evolving regulatory conditions.
LIC maintained its position as the market leader in the Indian life insurance sector with a market share of 57.05% in FY25. The company sold 1.78 crore new policies during the year. This performance came in a period marked by the implementation of new surrender value norms effective from October 1, 2024.
While the individual premium segment showed robust growth, group premium collections for FY25 saw a marginal decline of 0.40%, standing at Rs 1,64,265.34 crore, compared to Rs 1,64,925.89 crore in FY24.
On a monthly basis, the individual premium segment in March 2025 rose by 10.75%, reaching Rs 10,022 crore, up from Rs 9,048.87 crore in March 2024. In contrast, group premium collections for the month dropped by 1.34% to Rs 26,885.33 crore.
Over the past decade, LIC has demonstrated consistent growth in new business premiums, despite fluctuations in market conditions. FY25 marks a recovery from the slight dip in FY24, with a 1.86% year-on-year increase in total new business premium. The individual premium achievement sets a new benchmark in the life insurance industry, reinforcing LIC’s significant role in the sector.
