Life insurers' first-year premium rose 20.6% to ₹2.46 lakh crore in H1 FY26, IRDAI said on Friday. Growth in individual and group single-premium policies helped the industry. LIC continued to lead the market, while private players like SBI Life and HDFC Life also showed strong gains during this six-month period.
Life insurers' first-year premium rose 20.6 per cent year-on-year at ₹2.46 lakh crore during April-September FY26, against ₹2.04 lakh crore in the corresponding period last year, driven by growth in both individual and group single-premium policies.
According to the numbers released by the Insurance Regulatory and Development Authority of India (IRDAI) on Friday, the industry collected ₹48,781 crore in the month of September, up 21.3 per cent from ₹40,207 crore a year earlier, indicating sustained growth in new business.
The Life Insurance Corporation of India (LIC) continued to dominate the market, with its first-year premium increasing 19.3 per cent to ₹1.44 lakh crore during the six-month period. Private life insurers collectively accounted for the remaining business, with several major players reporting growth.
Among private insurers, SBI Life's first-year premium rose to ₹20,255 crore from ₹18,342 crore, while HDFC Life recorded a 18.3 per cent increase to ₹19,571 crore. ICICI Life's premium grew 25 per cent to ₹11,821 crore, while Bajaj Life reported a 39.8 per cent increase to ₹8,848 crore.
By product category, group single premiums rose 24.3 per cent to ₹1.45 lakh crore, while individual non-single premiums increased 12.7 per cent to ₹57,942 crore. Individual single premiums grew 16.6 per cent to ₹29,140 crore.
Group non-single premiums, however, declined 49.6 per cent to ₹905 crore, highlighting uneven growth across product segments.