The coffers of the country’s largest insurance company, the Life Insurance Corporation of India, are witnessing a continuous increase. In the last financial year, LIC’s premium deposits have seen a growth of 17 percent, after which the total premium reached Rs 1.99 trillion to Rs 2.32 trillion. In terms of premium collection, LIC has a market share of 62.58 per cent by March 2023. There is no insurance company anywhere in front of this company.

The condition of private insurance companies

According to the data of the Life Insurance Council, there was a huge rush of customers of private companies in the last minute to take advantage of tax exemption on non-linked policies before April 1. Because of which there has been a significant increase in the premium of private insurance companies. HDFC Life with 18.83 per cent stake, SBI Life with 16.22 per cent and ICICI Prudential Life Insurance Company with 12.55 per cent have the highest premium deposits after LIC in the last financial year.

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here are some figures

1. In the financial year 2023, the individual single premium of insurance companies increased by 3.30 percent.
2. There was an increase of 10 percent in individual non-single premium.
3. Its group single premium increased by 21.76 per cent to Rs 1,67,235 crore from Rs 1,37,350.36 crore.
4. For March 2023, LIC’s premium for individual category is over Rs 10,000 crore.
5. This figure is the highest among all life insurance companies.
6. LIC is followed by HDFC Life whose figure is Rs 2,989.17 crore.
7. The premium of SBI Life has been seen at Rs 2,318.77 crore.
8. Tata AIA Life figure has been seen at Rs 1,884.41 crore.
9. In the individual non single premium segment, it grew by 10.49 per cent from Rs 5,501.12 crore in March 2022 to Rs 6,077.97 crore in March 2023.

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