LIC Achieves 14.64% Surge in New Business Premiums for 2024, Amasses Rs 2.33 Lakh Crore
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New Delhi, Jan 10 (NationPress) The Life Insurance Corporation of India (LIC) achieved a remarkable 14.64% growth (year-on-year) in new business premiums for 2024, amassing Rs 2.33 lakh crore during the January-December timeframe, as reported by the Life Insurance Council on Friday.
This impressive performance by the country’s largest life insurer surpasses the insurance industry’s growth rate of 14.41% and the growth rate of private life insurers, which stood at 14.55%, according to the data.
According to the statistics, LIC secured Rs 2,33,073.36 crore in premiums throughout the reporting period, marking a 14.64% increase from Rs 2,03,303 crore in the same timeframe in 2023.
In 2024, the entire life insurance sector reported premium collections totaling Rs 4,02,773.18 crore, representing a 14.55% year-on-year rise from Rs 3,51,626.20 crore.
Simultaneously, private life insurers accumulated Rs 1,69,699.83 crore, reflecting a 14.41% increase from Rs 1,48,323.21 crore in the preceding year.
In the individual premium category, LIC experienced a 4.92% growth, collecting Rs 61,365.75 crore, up from Rs 58,486.69 crore in 2024.
The Group Premium segment saw an expansion of 18.22%, reaching Rs 1,69,240.45 crore compared to Rs 1,43,152.75 crore from the previous year, as per the Life Insurance Council's data.
Furthermore, group yearly premiums surged by 48.31% to Rs 2,467.14 crore, in contrast to Rs 1,663.55 crore during the same period last year.
In the previous year, the insurer issued 1.96 crore policies and schemes. The group schemes and policies experienced a notable rise of 14.57%, reaching 6,362 from 5,553.
The Bima Sakhi initiative has garnered significant enthusiasm. Just one month after its launch, total registrations for Bima Sakhi have reached 52,511, with 27,695 Bima Sakhis receiving appointment letters to sell policies and 14,583 Bima Sakhis commencing their policy sales.
