In October 2023, private insurers sold around 6.4 lakh policies, and their first-year premium increased by 24.2% YoY to Rs 11,171.9 crore. In contrast, LIC sold 14.2 lakh schemes but saw a 13.7%% YoY decline in first-year premium to Rs 15,647.1 crore. Its market share also declined to 58.3%.