LIC vs private life insurers: Who saw faster premium growth in September 2026? What policy buyers should know
If you are planning to buy a life insurance policy, the latest premium data shows that LIC recorded faster growth in premiums from individual policies than private insurers in September 2026.
According to a Morning India report by Motilal Oswal Financial Services, LIC recorded around 15% year-on-year (YoY) growth in individual weighted received premium (WRP), compared with around 7% for private insurers.
However, private insurers continued to record strong growth in new business premiums, with HDFC Life and ICICI Prudential Life Insurance among the fastest-growing players in this segment.
How much did LIC and private insurers collect?
According to the report, the life insurance industry’s individual WRP grew around 9% YoY in September 2026, following mid-teen growth in August.
Individual WRP measures premiums received from individual policies. Its growth indicates which insurer is expanding in this segment.
LIC’s individual WRP grew around 15% YoY, while private insurers on average recorded around 7% growth in September 2026.
Private insurers accounted for 73.4% of individual WRP in September, down from 74.7% a year earlier but up from 72.3% in August 2026. LIC’s share stood at 26.6%.
Which private insurers recorded the highest premium growth?
HDFC Life led listed private insurers in individual WRP growth, at 24% YoY in September 2026. Canara HSBC Life grew 10%, Max Life 4% and ICICI Prudential Life 1%. However, SBI Life and Bajaj Life recorded declines of 2% and 7%, respectively.
These figures show differences in premium growth across insurers, rather than directly ranking them by the number of customers buying policies.
Which insurers collected the highest new business premiums?
According to the report, the industry collected ₹48,781 crore in unweighted new business premiums in September 2026, up 21.3% YoY. LIC collected ₹27,529 crore, up 19.9%, while private insurers collected ₹21,252 crore, up 23.2%.
The trend was more pronounced between April and September 2026. LIC’s new business premiums rose 47.2% to ₹1.44 lakh crore, while private insurers recorded 55.5% growth to ₹1.02 lakh crore. This means that private insurers recorded faster growth in total new business premiums during the first half of FY27.
Among private players, ICICI Prudential Life led with 53.3% YoY growth to ₹2,701 crore. Only Canara HSBC Life declined 1.6% to ₹372 crore in September 2026.
Unweighted new business premium refers to the total premiums collected from newly issued policies without adjusting for differences in premium payment structures. From a consumer perspective, it shows how much insurers are generating from new policies.
Should consumers choose an insurer based on premium growth?
Not necessarily.
For consumers, this data highlights the scale of LIC’s individual policy business and the continued expansion of private insurers, giving them a wider range of providers to compare when choosing life insurance coverage.
LIC’s faster individual WRP growth points to stronger momentum in its individual policy business in September, while private insurers’ faster total new business premium growth shows that their overall new policy business is expanding more quickly.
Disclaimer: This is for informational purposes only. Always consult a financial adviser before making investment decisions.
