Of its listed rivals, LIC's total premium increases the most in March

Of its listed rivals, LIC's total premium increases the most in March

SBI Life Insurance Company trailed LIC in terms of increase in premium collection, coming in at 24.76%.

However, HDFC Life Insurance Company, a different significant insurer, revealed a drop in premium collection of 20.5%.

Compared to Rs 28,716.23 crore in the same month last year, the state-owned Life Insurance Corporation of India (LIC) recorded a 26.41 percent rise in total premiums received in March 2024, to Rs 36,300.62 crore.

SBI Life Insurance Company trailed LIC in terms of increase in premium collection, coming in at 24.76%. ICICI Prudential Life Insurance Company declared increase of 12.58%. However, HDFC Life Insurance Company, a different significant insurer, revealed a 20.05 percent decrease in premium collection.

Based on premium receipts as of March 2024, LIC has a market share of 58.87 percent, according to the state-owned insurer, which cited data from the Life Insurance Council. According to the report, consumers' last-minute rush to take advantage of tax exemptions before the April 1 deadline for non-linked insurance caused private insurers to also see a spike in premium collection in March. LIC's Group Yearly Renewable Premium increased by 202.62% and Group Premium by 47.17% in March 2024.

Group Yearly Renewable Premium increased from Rs 843.99 crore to Rs 2,029.88 crore in 2023–24, a 140.51 percent increase. In February, AUM Capital released a research stating that when it comes to new policy development, the general public's top preference still goes to LIC. It seems certain that it will grow its market share in the future, since it is developing a number of new Non-Par plans.

According to the Brand Finance Insurance 100 2024 study, LIC became the strongest insurance brand globally last month. According to the research, LIC's brand value is still stable at USD 9.8 billion, and it has an 88.3 brand strength index score and a corresponding AAA brand strength grade. SBI Life Insurance, which is now ranked sixth, is the second Indian life insurance firm, apart from LIC, to break into the top 10 strongest life insurance brands.