Life insurance sector's new business premiums soar 39.5% in December
India's life insurance industry just had a huge month—new business premiums shot up nearly 40% in December 2024, reaching ₹42,151 crore.
Both public and private insurers helped push this growth, and for the April-December stretch, total collections were up 13% at ₹3.11 lakh crore.
LIC and private players drive the surge
LIC led the way with a standout 57% jump in new premiums, thanks to big gains from group policies and steady growth in individual plans.
Private insurers weren't far behind—they grew their nine-month premium collections by 14%, showing strong momentum across the board.
SBI Life and HDFC Life topped private charts
Among private companies, SBI Life saw its new business rise by over 19%, while HDFC Life followed with a solid 15% boost.
ICICI Prudential and Max Life also posted impressive double-digit growth.
Policy sales got a big boost after GST exemption
Policy sales spiked too—up over a third to 2.8 million units in December alone.
The key driver? The GST exemption on life insurance since late September made policies more affordable, giving the whole sector a noticeable lift.