Private insurers sold around 7.2 lakh policies in August 2023, while LIC sold 17.1 lakh schemes. The first-year premium of private insurers rose by 13.9% YoY to Rs 12,496 crore in the same period.Meanwhile, LIC's premium fell MoM to Rs 14,292.5 crore, and its market share dropped by 390 bps.