LIC leads market share with 66 percent as life insurance premia grows over Rs 1.5 lakh cr

The new business premia of the life insurance industry has grown 5.32 per cent to Rs 1.59 lakh crore in January, led by the national insurer LIC taking its market share to 66.26 per cent. New business premium stood at Rs 1.50 lakh crore in January 2018.

LIC is followed by HDFC Standard Life (7.07 per cent), SBI Life (6.80 per cent), ICICI Prudential Life (4.88 per cent) and Max Life ( 2.24 per cent), according to the monthly data from the apex industry body Life Insurance Council. Total individual new business rose 3.15 per cent to Rs 72,725 crore in January from Rs 70,501 crore a year ago.

In January, group insurance new business rose 7.22 per cent to Rs 86,279 crore. In terms of new business policies, LIC's market share stood at 73.54 per cent in the reporting month. SBI's market share in terms of new business policies was 5.78 per cent, followed by HDFC Life at 3.68 per cent.

(With inputs from agencies.)