In November 2023, private insurers sold around 6.6 lakh policies, and their first-year premium declined by 9.3% YoY to Rs 10,360.3 crore. In contrast, LIC sold 13.8 lakh schemes and saw a 32.9% YoY decline in first-year premium to Rs 16,134.6 crore. Its market share also declined by 6.9 percentage points.