New business premium of life insurance companies in India increased 12% in October to ₹34,006.95 crore compared to ₹30,347.60 crore a year earlier.
The increase in the new business or the first-year premium came on the back of a surge in the number of policies and schemes sold by them at 19,53,996 (12,01,214).
State-owned Life Insurance Corporation of India (LIC), which is the market leader, reported a more than 12% increase in the new business premium to ₹19,274.01 crore (₹17,131.09 crore). The number of policies/schemes it sold in October stood at 12,59,739 (5,72,918).
The 26 private life insurers together posted ₹14,732.94crore new business as against ₹13,216.51 crore in the same period previous fiscal. The policies/scheme sold by them totalled 6,94,257 (6,28,296).
For the seven months ended October, in the fiscal, the first year premium of the life insurers increased 8.25% to ₹2,37,675.11 crore (₹219561.64 crore). The number of policies/schemes sold by them, during the same period, was almost 8% lower at 1,34,10,425 (1,45,70,070).
October was the first full month after the Goods and Services Tax (GST) on individual life insurance policies was reduced to nil from 18%. Analysts had expected the impact of GST reforms, which were introduced effective September 22, to be visible from October 2025 and boost affordability, increase coverage among existing customers and attract new policyholders.
In September, the life insurers’ new business premium had increased by 15% to ₹40,206.67 crore (₹35,020.28 crore) despite a sharp dip year-on-year in the number of policies/schemes sold at 22,06,302 (32,17,880).
Published – November 10, 2025 10:52 pm IST
