Policy and scheme volumes increased just 5.05% to 2.96 million.
India’s life insurance industry recorded new business premiums of $6.3b (INR62,581.22 crore) for the period ended May 2026, up 19.37% from $5.2b (INR52,427.40 crore) a year earlier, according to provisional data from the Life Insurance Council.
The number of policies and schemes increased by 5.05% to 2.96 million, compared with 2.82 million in the same period last year.
Group single premiums were the largest contributor, rising 20.29% to $3.8b (INR37,536.75 crore).
Individual non-single premiums increased by 16.72% to $1.4b (INR14,380.56 crore), whilst individual single premiums grew by 11.92% to $0.7b (INR6,956.45 crore).
Group yearly renewable premiums rose to $0.4b (INR3,564.42 crore) from $0.002b (INR23.84 crore) in the previous year.
The number of policies and schemes in this category, however, fell by 22.78% to 2,451.
Private life insurers reported total premiums of $2.5b (INR24,756.96 crore), an increase of 21.29%. Their policy and scheme count rose by 13.65% to 1.16 million.
Life Insurance Corporation of India recorded premiums of $3.8b (INR37,824.26 crore), up 18.14% from $3.2b (INR32,015.68 crore). Its policy and scheme count was broadly unchanged at 1.80 million, compared with 1.79 million a year earlier.
Amongst private insurers, SBI Life recorded the highest total premium at $0.6b (INR5,709.34 crore), up 22.93%. HDFC Life followed with $0.5b (INR5,108.52 crore), an increase of 2.87%, whilst ICICI Prudential Life reported $0.3b (INR2,899.04 crore), up 18.85%.
or May alone, life insurers collected $3.2b (INR32,030.84 crore) in new business premiums, compared with $3.0b (INR30,463.21 crore) in May 2025. The number of policies and schemes was slightly lower at 1.67 million.
($1.00 = INR95.73)