Life Insurance Summary

  • The Life Insurance Industry in India consists of 23 private sector companies and the Life Insurance Corporation of India (LIC)
  • The total premium income for the Life Insurance Industry for the year 2019-20 is INR 572,910 Crores (USD 77 Billion) out of which INR 313,648 Crores (USD 42 Billion) amounts for Renewal Premium and INR 259,262 Crores (USD 35 Billion) is the New Business premium for the year 2019-20
  • The number of policies in force for the Life Insurance Industry for the 2019-20 is 32.74 Crores (327.4 Million)
  • The key segments in the Life Insurance Industry are Annuity, Health, Life, Pension & Variable
  • Life Insurance Corporation of India (LIC) holds 66.6% market share in the industry as compared to 34.4% of the private sector companies
  • The Life Insurance Industry comprises of a total of 11,311 offices, 293,262 employees and an agent force of 2,278,466 across India
  • In the year 2018-19, the state of Maharashtra accounted for a majority share in New Business premiums at 31%


The Indian Life Insurance Industry has seen a more than sixteen (16) fold growth in life insurance premiums since the opening of the sector in Financial Year 2000-2001. From a base of INR 36,071 Crores (USD 5 Billion) in F.Y. 2000-01, it has grown at a Compound Annual Growth Rate (CAGR) of 15.6% p.a. to touch INR 572,910 Crores (USD 77 Billion) in F.Y. 2019-20.

Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance group and investment corporation owned 100% by the Government of India. It has been in existence since 1956 and has grown to be one of India's biggest financial powerhouses with assets worth more than INR 30,00,000 Crores (USD 403 Billion).

Download the Executive Summary for Life Insurance Industry in India below.

Data Sources

  • Public Disclosure of Life Insurance Companies
  • IRDAI Annual Reports
  • RBI Handbook of Statistics Published Annually


The Government of India announced the intent to list LIC on the capital markets in the Annual Budget 2020.The LIC IPO augurs to be landmark event for the Insurance sector. There are many likely firsts that IPO would stand for. Some notable points include:

  • The scale of the IPO would signify the largest fund raise by the Government of India from a single public sector unit
  • While leading private sector life insurance companies have successfully raised funds via IPO, the valuation metrics that the LIC IPO would set would literally be the benchmark for the industry
  • The product portfolio of LIC has rich contribution from long term traditional life insurance products. Additionally, LIC has the largest individual agency base in the world for sourcing insurance policies.

    The valuation of LIC IPO would reflect the quality of the business apart from financial parameters. Therefore another set of benchmarks for the life insurance industry in particular, and other consumer focused financial industries, in general

As the processes involved in the LIC IPO move forward, watch our updates & analysis in this section. We are excited to bring the same to you!

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