New Delhi, April 13 (IANS) Life Insurance Corporation of India (LIC) on Tuesday reported a 9.91 per cent increase year-on-year in new business premium for April -- surpassing the industry growth rate of 8.43 per cent and private life insurers’ growth of 6.09 per cent.

As per data released by the Life Insurance Council, LIC collected Rs 13,610.63 crore in new business premiums last month, up from Rs 12,383.64 crore in the same month last year.

The overall life insurance industry garnered Rs 21,965.73 crore, marking an 8.43 per cent rise over Rs 20,258.86 crore collected in the same month last year.

Private life insurers contributed Rs 8,355.10 crore, registering a 6.09 per cent growth over the previous year’s Rs 7,875.22 crore.

As per the data, in the Individual Premium category, LIC posted a slight decline of 0.46 per cent, collecting Rs 3,160.87 crore in April 2025 compared to Rs 3,175.47 crore in April 2024.

However, the Group Premium segment recorded a robust 13.48 per cent growth, rising to Rs 10,449.76 crore from Rs 9,208.17 crore a year earlier.

Total policies issued by LIC stood at 7.26 lakh, from 8.56 lakh in the same period last year. While individual policies was 7.24 lakh polices for April, from 8.55 lakh policies in 2024, Group Policies stood at 1,169, from 1,425 for the month of April 2024.

As per the data, total premium collected by LIC for the four-month period January-April 2025, stood at Rs 82,324.58 crore from Rs 87,500.97 crore for the same month last year.

In the Individual Premium segment, it amounted to Rs 23,188.46 crore, compared to Rs 22,164.24 crore in the same period last year.

The Group Premium segment amounted to Rs 59,136.12 crore for the January-April period, from Rs 65,336.73 crore in the previous year, as per the data.

LIC issued a total policy of 68.05 lakh for the four-month period January-April 2025 from 87.05 lakh policies in the same period last year.

--IANS

na/