India life insurance premiums rise 6.1% in FY 2023-24

Insurers also issued 291.77 lakh new policies under individual businesses.

India’s life insurance sector during the fiscal year 2023 to 2024 (FY 2023-24) saw its premiums increase by 6.1% year-on-year (YoY), achieving a total premium income of ₹8.30 lakh crore, according to the Insurance Regulatory and Development Authority's latest annual report.

Private sector life insurers surged 15.1% in premium income, whilst the public sector life insurer posted a modest growth of 0.23%.  

In the same period, life insurers issued 291.77 lakh new policies under individual business.

Of these, the public sector insurer accounted for 203.93 lakh policies, representing 70% of the total, whilst private life insurers issued 87.84 lakh policies, making up 30.1%. 

The private sector insurers achieved a growth of 9.23 % in new policies issued, whilst the public sector insurer recorded a marginal decline of 0.18 %. 

Overall, the industry registered a 2.48 % growth in the total number of new policies issued compared to the previous year.