Chennai, Nov 13 (IANS): Indian life insurance industry closed October logging good growth with a total new premium of Rs 13,874.34 crore, said the sectoral regulator on Monday.

According to the Insurance Regulatory and Development Authority of India (IRDAI), the fresh premium earned by the life insurers in October this year was up from Rs 11,107.04 crore earned in October 2016.

The IRDAI said the industry has earned a fresh premium of Rs 105,939.70 crore till October, up from Rs 87,343.19 crore earned during the corresponding period of the previous year.

Industry leader Life Insurance Corporation of India (LIC) and most of the private life insurers have logged premium growth in October as compared to the corresponding period in 2016.

In terms of number of policies till October 2017, LIC sold 1,433,711 policies to earn a fresh premium of Rs 77,977.72 crore -- up from 1,256,423 policies sold during the corresponding period of 2016 to earn a premium of Rs 62,735.01 crore.

On the other hand, the 23 private life insurers together sold 463,145 policies till October 2017 to earn a total premium of Rs 27,961.98 crore -- up from 426,676 policies sold during the corresponding period of 2016 to earn a premium of Rs 24,608.18 crore.