The Life Insurance coverage Company of India (LIC) clocked a 14.64 per cent development (year-on-year) in new enterprise premiums in 2024, gathering Rs 2.33 lakh crore within the January-December interval, based on information by the Life Insurance coverage Council on Friday.
This stellar efficiency by nation’s largest life insurer exceeds the insurance coverage business’s development of 14.41 per cent and the non-public life insurers’ development fee of 14.55 per cent, the info confirmed.
As per the info, LIC collected Rs 2,33,073.36 crore in premiums throughout the reporting interval, a 14.64 per cent enhance in comparison with Rs 2,03,303 crore in the identical interval in 2023.
In 2024, the general life insurance coverage business 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.
In the meantime, non-public life insurers garnered Rs 1,69,699.83 crore, up 14.41 per cent from Rs 1,48,323.21 crore within the earlier 12 months.
Within the particular person premium phase, LIC noticed a 4.92 per cent enhance, gathering Rs 61,365.75 crore — up from Rs 58,486.69 crore in 2024.
The Group Premium phase expanded by 18.22 per cent, reaching Rs 1,69,240.45 crore from Rs 1,43,152.75 crore within the prior 12 months, based on the info by the Life Insurance coverage Council.
Moreover, the group yearly premiums rose by 48.31 per cent to Rs 2,467.14 crore, in comparison with Rs 1,663.55 crore throughout the identical interval final 12 months.
Final 12 months, the insurer issued 1.96 crore insurance policies and schemes. Group schemes and insurance policies noticed a big rise of 14.57 per cent, reaching 6,362 from 5,553.
The Bima Sakhi scheme has been acquired with nice enthusiasm. After one month because the inauguration, the whole registration for Bima Sakhi was 52,511, out of which 27,695 Bima Sakhis have been issued appointment letters to promote insurance policies and 14,583 Bima Sakhis have began promoting insurance policies.
