The life insurance sector recorded an 18% rise in new business premiums in February, driven by robust growth from the state-owned Life Insurance Corporation of India (LIC), which posted a 24% increase during the month=a surge aided, in part, by GST-related tailwinds. According to data from the Life Insurance Council, the sector collected Rs 35,417 crore in new business premiums across individual and group policies in February, up from Rs 29,986 crore recorded in the same month last year. LIC's first-year premiums rose to Rs 19,267 crore in February, compared to Rs 15,514 crore a year earlier; meanwhile, private life insurance companies collectively recorded a relatively slower growth rate of approximately 11.6%, with premium income rising from Rs 14,472 crore to Rs 16,150 crore. Among the major private life insurers, SBI Life Insurance and Axis Max Life Insurance recorded growth of around 30% during the month, while HDFC Life Insurance experienced a relatively sluggish pace. HDFC Life witnessed a 2.6% decline in new business premiums, whereas ICICI Prudential Life Insurance saw a 16% increase in earnings. Industry executives noted that the removal of the 18% Goods and Services Tax (GST) on individual life insurance policies=effective from September 22, 2025=has bolstered demand for protection products. Following tax changes, insurers are observing that customers are opting for broader protection covers, resulting in an increase in retail insurance volumes. In February, the sector sold 2.38 million policies, compared to 1.94 million in the previous year. For the financial year through February, new business premiums rose by 14.27% to reach Rs 3,83,841 crore=up from Rs 3,35,897 crore a year earlier=while the number of policies increased by 4.37%.
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