India’s largest and the only state-owned insurer LIC, however, posted a decline in premium income at ₹8.32 lakh crore during 2019-20, the data from the Insurance Regulatory and Development Authority of India (Irdai) showed.

LIC’s premium collection stood at ₹10.74 lakh crore during 2018-19. Its market share stood at 82.76 per cent as of March 31, 2020.

The rest of the private sector players witnessed 22.53 per cent rise in their total premium income at ₹39.94 lakh crore.

The combined market share of all private sector life insurers as of March 31, 2020 stood at 17.24 per cent.