India: new individual life insurance policies by sector 2023

In the financial year 2023, the Life Insurance Corporation (LIC) of India issued over 20.4 million new individual policies. In comparison, private insurers issued around eight million policies. Overall, there were over 28 million new individual policies issued across the country that year.

Number of new life insurance policies in India from financial year 2017 to 2023, based on sector (in millions)

Characteristic	Private	LIC
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Release date

December 2023

More information

Region

India

Survey time period

FY 2017 to FY 2023

Supplementary notes

India's financial year begins in April and ends in March. For example, FY 2020 started in April 2019 and ended in March 2020.

Values have been rounded for clarity.

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