Of these, the country' largest life insurer LIC registered a fall of 2.43 per cent in new business premium during the month to ₹13,143.64 crore as against ₹13,470.91 crore in the year-ago month, according to the Insurance Regulatory and Development Authority of India (Irdai) data.
The remaining 23 private sector players in the life insurance sector collected ₹8,246.06 crore as first-year premium, up by 15.30 per cent from a year ago.
Among those in the private sector, SBI Life witnessed a 14.54 per cent rise in new business premium at ₹1,875.16 crore in January, while that of HDFC Life grew 16.55 per cent to ₹1,723.50 crore. ICICI Prudential Life's premium rose 18.20 per cent to ₹1,239.12 crore.
Max Life's first-year premium was up by 15.05 per cent to ₹638.28 crore, Kotak Mahindra Life ₹497.90 crore, up by 28.35 per cent; Canara HSBC OBC Life witnessed 47.49 per cent jump at ₹163.51 crore; Tata AIA Life rose 8.43 per cent to ₹354.41 crore and Bajaj Allianz Life registered a 7.60 growth to ₹508.44 crore.
However, India First Life had a decline of 16.80 per cent in new premium income to ₹142.58 crore; Future Generali Life's premium plunged 60.27 per cent to ₹40.10 crore, showed the Irdai data.
On a cumulative basis, the collective new business premium of all the 24 life insurance companies was down 1.17 per cent to ₹2,12,436.09 crore during the April-January period of 2020-21.