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Aditya Birla Sun Life Insurance Company Limited

What is India’s Life Insurance industry like?

October 21, 2026

5 mins

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Disclaimer : ABSLI Nishchit Aayush Plan (UIN No 109N137V12) is a non-linked non-participating individual savings life insurance plan.
^ Provided 0 year deferment & Annually in Advance payout frequency is chosen at the time of inception of the policy. Annually in Advance payout frequency is only available in "Annual" premium payment mode. ^*Male- 25 yrs invests in ABSLI Nishchit Aayush Plan with Level Income + Lumpsum Benefit. He chooses premium payment term 10 yrs , policy term 40 years, benefit option -Long Term Income, Sum Assured 7 times of Annualized Premium and Deferment Period 0 years. Annualized Premium is ₹1,00,000 (Exclusive of GST.). Annual Income of ₹ 32,750 (32,750*40=  13,10,000) + Maturity Benefit (₹20,00,000)= ₹ 33,10,000 ADV/3/24-25/3076.

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Frequently asked questions

How big is the Life Insurance industry in India?

Life insurers collected total premium of ₹8.86 lakh crore in 2024-25, according to IRDAI's Annual Report 2024-25. Life insurance density, or premium per person, was $72.

What is Insurance penetration in India?

Insurance penetration is total premium as a percentage of GDP. India's was 3.7% in 2024-25, with Life Insurance at 2.7% and non-life at 1%.

What does 100% foreign investment mean for life insurers?

The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 raised the foreign investment ceiling in insurers from 74% to 100% of paid-up equity. IRDAI's policyholder protection rules continue to apply to every insurer.

What is Insurance for All by 2047?

It is a national goal to make Insurance available to every citizen by 2047. IRDAI and the Government of India use it as the aim behind recent reforms.

Is GST charged on Life Insurance premiums?

Not on Individual Life Insurance Policies. GST on their premiums has been exempted since 22 September 2025, covering Term, Endowment, and other Individual Life Policies.

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^*LI Age 21, Male, Salaried, Non Smoker, Option 1: Level Cover, PPT: Regular Pay, SA:  ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Death Benefit Payout as Lumpsum. Annual Premium: ₹ 6900/- ( which is ₹ 575/month), 1 Cr SA is paid and the policy terminates. 
ABSLI Super Term Plan - This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating individual pure risk premium life insurance plan. UIN: 109N153V02