According to data from the Insurance Regulatory and Development Authority of India (Irdai), Life Insurance Corporation’s (LIC) first-year premium declined four per cent to Rs 2,22,522 crore against Rs 2,31,899.17 crore in the previous financial year. This decline was seen across several segments such as individual single premium, individual non-single premium, group single premium, and group non-single premium. The 25 private insurers experienced a 12.11 per cent increase in first-year premiums at Rs 1,55,437 crore as against Rs 1,38,643 crore. The most substantial growth, at 22 per cent, was seen in group single premiums, at Rs 53,719 crore (Rs 43,748 crore). The private life insurance sector holds a market share of 41.13 per cent, while LIC has 56.87 per cent. The total sum assured in the life insurance industry grew by 21.55 per cent to Rs 88,48,606 crore (Rs 72,80,103 crore).