Indian Life insurers register a record new business in the FY 2024-25; premium collection grew by 5.13%; life insurers added more than 11,15,661 new individual life insurance agents, with an overall 7.88% growth

Mumbai, 23rd Apr 2025: Life Insurance Council has released the business figures of the life industry for the financial year 2024-25. Total new business premium of the industry grew by 5.13% with individual new business premiums registering a growth of 11.17%.

The industry collected at total of Rs. 3,97,336.78 crore for the year 2024-25 as compared to 3,77,960.34 crore for the pervious financial year. The individual new business premium collected in the year 2024-25 stood at Rs. 1,66,590.81 crore as compared to Rs. 1,49,851.67 for the previous financial year.

This strong performance is attributed to life insurers’ focus on encouraging first-time buyers to secure comprehensive financial protection, resulting in a 4.47% growth in combined individual premium collections for March 2025 and an 11.17% year-to-date increase. In the group policy segment, single premiums reached ₹33,543.21 crore, with the category registering a 0.46% growth in premiums collected during March 2025.

The industry’s efforts to expand access to insurance have been complemented by significant agent additions—over 11,15,661 new individual life insurance agents added in the fiscal year 2024-25—leading to a 7.88% growth in the cumulative agent count. The rapid pace of digitisation across the sector is further expected to drive insurance penetration, setting the stage for continued growth in new business premiums in FY25 and beyond.Overall, the Indian life insurance industry continues to make significant progress, reaching new milestones in premium collections and expanding its reach to previously underserved segments of the population, positioning itself for sustained future growth.