The total premium of Life Insurance Corporation of India (LIC) collected for fiscal 2022-23 grew 16.67 per cent to Rs 2.32 trillion from Rs 1.99 trillion. In terms of the sheer volume, no other company matches the insurance giant. In terms of premiums collected, it continues to hold a market share of 62.58 per cent as on March 2023.
According to the Life Insurance Council data, private insurers have also collected a considerable amount of premium in March due to last-minute customer rush to benefit ahead of the 1 April withdrawal of tax exemptions for non-linked policies.
LIC's premium growth for fiscal 2023 is the second highest among its listed peers, with HDFC Life leading with 18.83 per cent, SBI Life at 16.22 per cent and ICICI Prudential Life Insurance Company at 12.55 per cent.
In FY23 while the insurance giants' individual single premium grew 3.30 per cent and individual non-single premium grew 10 per cent, its group single premium grew 21.76 per cent to Rs 1,67,235 crore from Rs 1,37,350.36 crore.
For March 2023, LIC's premium for the individual category exceeds Rs 10,000 crore, the highest amongst all life insurance companies, followed by HDFC Life, SBI Life and Tata AIA Life gathering Rs 2,989.17 crore, Rs 2,318.77 crore and Rs 1,884.41 crore, respectively.
In the individual non-single premium segment, it grew 10.49 per cent from Rs 5,501.12 crore in March 2022 to Rs 6,077.97 crore in March 2023.