Life Insurance Corporation's (LIC) first-year premium declined by 22.71 per cent to Rs 1,08,289.77 crore in 2023, compared to Rs 1,40,111.20 crore in 2022, according to life insurers' new business statement for October 31, 2023. The life insurers' overall first-year premium fell by 10.49 per cent to Rs 1,85,195.81 crore in October 2023, compared with Rs 2,06,893.52 crore in 2022.