This data is for the first 6 months of the financial year 2022-23.
In the last 2 years, there has been considerable awareness regarding the importance of having a Life Insurance Policy. As a result, we have seen a 13% increase in the number of policies sold in the first half of the current financial year compared to the first half of the previous financial year.
The Life Insurance industry sold a total number of 1,17,66,197 policies in this period which is a growth of 13% over the last year (1,03,96,248). Of this, Individual Single Premium policies contributed 4.8% of the total policies sold.
LIC sold the maximum number of policies (83,74,748) with a market share of 71.2%. Among the Private Life Insurance Companies, SBI Life Insurance sold the maximum number of policies (9,29,153) with a market share of 7.9%, followed by HDFC Life, TATA AIA Life and ICICI Prudential Life Insurance.
The Top 5 Life Insurance Companies in the first half of FY 2022-23 is as follows:
Companies
No. of Policies sold
Market Share
LIC
83,74,748
71.20%
SBI Life
9,29,153
7.90%
HDFC Life
3,76,762
3.20%
TATA AIA Life
2,75,523
2.30%
ICICI Prudential Life
2,66,696
2.30%
In comparison to the previous year, few Life Insurance Companies have shown a considerable increase in the policies sold. In the private sector, Star Union Dai Chi Life, Bajaj Allianz Life and Tata AIA Life have shown an increase of 60%, 38% and 37% growth respectively as compared to previous year.
Listed below is the performance of all Life Insurance Companies in the first half of FY 2022-23:
Number of Policies sold
Company Name
H1 – FY 2021-22
H1 – FY 2022-23
Growth %
LIC
73,74,125
83,74,748
13.60%
Aditya Birla Sun Life
96,616
1,00,414
3.93%
Aegas Federal Life
17,663
19,618
11.07%
Aegon Life
5,657
1,336
-76.38%
Aviva Life
8,741
10,445
19.49%
Bajaj Allianz Life
1,86,168
2,57,121
38.11%
Bharti Axa Life
50,310
44,640
-11.27%
Canara HSBC OBC Life
67,529
76,435
13.19%
Edelweiss Tokio Life
25,715
24,029
-6.56%
Exide Life
54,825
58,201
6.16%
Future Generali Life
14,098
17,307
22.76%
HDFC Life
4,09,161
3,76,762
-7.92%
ICICI Prudential Life
2,87,123
2,66,696
-7.11%
India First Life
1,02,101
1,35,248
32.46%
Kotak Mahindra Life
1,16,050
1,27,866
10.18%
Max Life
2,58,789
2,40,834
-6.94%
PNB Met Life
1,04,836
1,25,895
20.09%
Pramerica Life
12,263
15,666
27.75%
Reliance Nippon Life
73,199
73,445
0.34%
Sahara Life
0
0
NA
SBI Life
7,69,635
9,29,153
20.73%
Shriram Life
1,08,379
1,31,281
21.13%
Star Union Dai-ichi Life
52,150
83,534
60.18%
Tata AIA Life
2,01,115
2,75,523
37.00%
Industry Total
1,03,96,248
1,17,66,197
13.20%
H1 refers to period April to September*
