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LIC puts up another grand show in Nov-25 on NBP and policy count

17 Dec 2025 , 11:53 AM

LIC BETTERS PRIVATE INSURERS ON GROWTH IN NOVEMBER 2025

For the third month in a row, LIC saw aggressive expansion in new business premium (NBP) and policies sold. If the November 2025 NBP of LIC expanded 33.1%, it was boosted by a 70% growth in policies sold. For the month, LIC grew NBP and number of policies much faster than private insurers. For LIC, the positive NBP thrust came from Group non-Single Premium Policies and Group Yearly Renewable policies. However, LIC also did as well as private insurers in individual category. Here is the November 2025 insurance story.

NOVEMBER 2025 LIFE NBP GROWS 23.0%, FY26 GROWS 9.8%

The table captures new business premium (NBP) growth of life insurers for November 2025.

PARTICULARS	NBP (Nov-25)	NBP (Nov-24)	Growth YOY (%) Nov-25 / Nov-24	Growth YOY (%) FY26 / FY25
Individual Single Premium	4,605.25	3,669.44	25.50%	8.71%
Individual Non Single Premium	10,334.14	8,153.00	26.75%	7.11%
Group Single Premium	14,130.33	10,806.88	30.75%	9.58%
Group Non Single Premium	637.81	188.79	237.84%	54.28%
Group Yearly Renewable Premium	1,412.11	2,488.45	-43.25%	25.68%
Grand Total Premium Flows	31,119.64	25,306.56	22.97%	9.77%
PRIVATE INSURANCE COMPANIES
Individual Single Premium	2,024.34	1,662.35	21.78%	7.09%
Individual Non Single Premium	7,868.76	6,138.21	28.19%	11.65%
Group Single Premium	4,308.71	3,261.61	32.10%	15.43%
Group Non Single Premium	6.68	126.34	-94.71%	-22.60%
Group Yearly Renewable Premium	1,041.44	2,366.93	-56.00%	10.71%
Private Insurer Premium Flows	15,249.93	13,555.45	12.50%	12.15%
LIC OF INDIA
Individual Single Premium	2,580.91	2,007.09	28.59%	9.94%
Individual Non Single Premium	2,465.39	2,014.78	22.37%	-3.54%
Group Single Premium	9,821.62	7,545.27	30.17%	7.72%
Group Non Single Premium	631.12	62.45	910.60%	62.55%
Group Yearly Renewable Premium	370.68	121.52	205.04%	94.26%
LIC Premium Flows	15,869.71	11,751.11	35.05%	8.11%

Data Source: Life Insurance Council (New Business Premiums – NBP figures are ₹ in Crore)

There are 2 quick takeaways from the recent NBP data.

For November 2025, growth contribution came largely from LIC, followed by private insurers. In the case of LIC, Group non-Single Premiums led the way, followed by Group yearly renewable premium policies. In the case of private insurers, while individual policies saw expansion, there was contraction in group policies.

There has been progressive tapering in premium collections in November 2025 at ₹31,120 Crore; compared to ₹34,007 crore in October, and ₹40,207 Crore in September 2025. NBP was sharply higher Y-o-Y. Private insurers saw their share of NBP improve to 49.0% in November 2025; compared to 43.3% in October, and 42.9% in September 2025. The NBP share of LIC came down correspondingly. Private insurers hovered around the half-way mark in NBP collections.

On an absolute basis, the new business premiums are meaningfully higher than the year-ago period; although it has lagged sequentially.

ANOTHER BIG MONTH FOR LIC ON POLICY COUNT IN NOV-25

In terms of number of policies sold, LIC sustained the turnaround in November 2025 with policies growing 70% yoy; as private insurers lagged for a change.

PARTICULARS	Policies (Nov-25)	Policies (Nov-24)	Growth YOY (%) Nov-25 / Nov-24	Growth YOY (%) FY26 / FY25
Individual Single Premium	1,25,683	92,107	36.45%	1.62%
Individual Non Single Premium	20,78,371	13,90,870	49.43%	-2.90%
Group Single Premium	366	197	85.79%	8.53%
Group Non Single Premium	717	385	86.23%	1.46%
Group Yearly Renewable Premium	1,741	3,128	-44.34%	-50.78%
Grand Total No. of Policies	22,06,878	14,86,687	48.44%	-2.74%
PRIVATE INSURANCE COMPANIES
Individual Single Premium	39,646	27,359	44.91%	23.09%
Individual Non Single Premium	7,89,090	6,47,152	21.93%	3.45%
Group Single Premium	184	197	-6.60%	-7.36%
Group Non Single Premium	23	37	-37.84%	15.83%
Group Yearly Renewable Premium	480	483	-0.62%	3.49%
Private Insurer No. of Policies	8,29,423	6,75,228	22.84%	4.15%
LIC OF INDIA
Individual Single Premium	86,037	64,748	32.88%	-5.03%
Individual Non Single Premium	12,89,281	7,43,718	73.36%	-6.29%
Group Single Premium	182	0	N.A.	102.52%
Group Non Single Premium	694	348	99.43%	0.90%
Group Yearly Renewable Premium	1,261	2,645	-52.33%	-63.46%
LIC No. of Policies	13,77,455	8,11,459	69.75%	-6.31%

Data Source: Life Insurance Council (Number of Policies are absolute figures)

Here are quick life insurance takeaways for November 2025 in terms of number of policies sold.

The overall insurance sector saw 48.4% spike in number of policies sold, led by LIC policy growth at 69.8% in November 2025. Compared to the frenetic growth of LIC, the growth in number of policies sold by private insurers appeared timid at 22.8%.

Overall policies sold for November 2025 were lower MOM at 13.77 Lakhs; compared to 19.54 Lakhs in October, and 22.06 Lakhs in September 2025. Private insurers saw their share of number of policies sold at 37.6% in November 2025; compared to 35.5% in October, and 38.5% in September. LIC saw its share of policies at 62.4%.

Let us turn to how the NBP of 5 largest private life insurers grew in November 2025.

NBP TRENDS: TOP 5 PRIVATE INSURERS BY NBP IN NOVEMBER 2025

In November 2025, 6 private insurers saw new business premium (NBP) collections of over ₹1,000 Crore, with overall NBP rising 12.5% Y-o-Y. The top 5 private insurers account for 66.1% of overall private sector insurance NBP.

SBI LIFE INSURANCE COMPANY	Nov-25 NBP (₹ in Crore)	Nov-24 NBP (₹ in Crore)	YOY Growth (in %)
Individual Single Premium	868.53	587.80	47.76%
Individual Non Single Premium	1,938.72	1,467.13	32.14%
Group Single Premium	603.22	445.09	35.53%
Group Non Single Premium	0.92	0.56	64.29%
Group Yearly Renewable Premium	49.81	74.61	-33.24%
Total	3,461.19	2,575.18	34.41%