The new premium income of life insurance companies jumped by almost 42% to ₹27,177.26 crore in November, data from regulator IRDAI showed on Tuesday.
The insurance behemoth LIC — the only state-owned life insurer in the country — witnessed a more than 32% rise in the first-year business premium in November at Rs 15,967.51 crore.
The remaining players belonging to the private sector registered a spike of 58.6% in their collective first-year premium income at ₹11,209.75 crore.
LIC held the largest share at 63.4%.
Among private players, SBI Life had the highest share at 8.77%, followed by HDFC Life at 7.86%; ICICI Prudential Life 4.91%; Max Life 2.36% and Bajaj Allianz Life at 2.62%.
