SBI Life Insurance has overtaken LIC in terms of regular premium policies. SBI Life’s premium was higher than LIC in the month of December. For years, LIC has remained number 1 in the life insurance sector, but now this record of LIC has been broken.
Life Insurance Corporation of India i.e. LIC is the largest life insurance company in the country. For years, LIC has remained number 1 in the life insurance sector but now this record of LIC has been broken. Actually, SBI Life Insurance has defeated LIC in terms of regular premium policy. SBI Life’s premium has been more than LIC in the month of December.
SBI Life raised Rs 3,416 crore from new individual non-single premium policies, which is 16.7 percent more than in December 2023. On the other hand, talking about LIC, LIC’s collection has come down by 15 percent from Rs 3,111 crore last year to Rs 2,628 crore.
LIC’s premium declines
LIC’s premium in December fell by 40 percent to Rs 22,981 crore as compared to last year. The biggest decline in this has come from group single premium policy, which came down from Rs 17,601 crore last year to Rs 8,191 crore. Despite this, LIC maintained its lead as the largest company with a total new business premium of Rs 13,523 crore in December 2024, which is 44 percent of the industry premium of Rs 30,218 crore.
SBI Life Premium
Talking about the premium of SBI Life, the increase in the premium of SBI Life continued in December as well. SBI Life premium increased by 15 percent to Rs 5,307 crore in the last month. Its market share increased to 17.5 percent for this month. From April to December, SBI Life captured 9.5 percent market share, which is more than HDFC Life’s 8.2 percent and ICICI Prudential Life’s 5.5 percent. At the same time, the entire life insurance industry has seen a 21 percent decline in premium for December 2024 as compared to December 2023.
