Insurance sector sees 18% growth in new business premiums
India's life insurance sector just had a big February: new business premiums jumped 18% compared to last year, hitting ₹35,417 crore.
Both LIC and private insurers helped drive this growth, showing more people are buying life cover.
More people are getting insured
LIC led the way with a 24% rise in new premiums, while private insurers grew by 11%.
Altogether, 2.38 million policies were sold, up from 1.94 million last year, which means more people are getting insured.
Cheaper term insurance after government removed GST on individual policies
The government removed the 18% GST on individual life insurance policies on 22 September 2025.
This made term insurance cheaper and encouraged people to choose bigger covers for better protection.
Analysts expect near-term premium growth in high single digits
The industry expects this momentum to continue, with analysts expecting near-term premium growth in the high single digits.
Rising protection awareness and expanding product choices are cited as factors increasing uptake.