Latest News | Life Insurers Record Marginal 5 Pc Rise in New Premium Collection in FY25

New Delhi, Apr 23 (PTI) Life insurers recorded a marginal 5.1 per cent increase in new business premium collection to Rs 3.97 lakh crore during the financial year ended March 2025.

The industry had collected Rs 3.77 lakh crore in the preceding financial year, according to Life Insurance Council data.

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The individual new business premium rose to Rs 1.66 lakh crore as compared to Rs 1.49 lakh crore a year ago, registering a growth of 11 per cent.

Insurance behemoth Life Insurance Corporation of India (LIC) garnered Rs 2.26 lakh crore in total new business premium for FY25, which included Rs 62,404.58 crore from individual new business.

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Individual new business premium for FY25 registered a growth of 8.35 per cent, as per Life Insurance Council data.

In FY25, LIC sold 1.78 crore new policies, despite the introduction of new surrender value norms effective from October 1, 2024.

The industry's efforts to expand access to insurance have been complemented by significant addition of over 11,15,661 new individual life insurance agents in the fiscal year 2024-25, leading to a 7.88 per cent growth in the cumulative agent count.

The rapid pace of digitisation across the sector is further expected to drive insurance penetration, setting the stage for continued growth in new business premiums in FY25 and beyond, it said.

Overall, the Indian life insurance industry continues to make significant progress, reaching new milestones in premium collections and expanding its reach to previously underserved segments of the population, positioning itself for sustained future growth, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)