In September 2023, private insurance companies sold approximately 7.3 lakh policies, and their first-year premiums grew by 10.7% YoY to Rs 12,590 crore. In contrast, LIC sold around 14.8 lakh schemes but saw a 27.5% YoY decline in first-year premium to Rs 18,126.3 crore. Its market share also declined to 59%.