India’s life insurance industry demonstrated robust growth in February 2026, with total premiums rising by more than 20% year-on-year. According to a recent report by Motilal Oswal Financial Services, this growth was largely driven by heightened demand for traditional policies, steady performance across both public and private sectors, and the introduction of innovative products in the market.
Weighted Premium Growth and Market Performance
The Weighted Received Premium (WRP) for February grew approximately 21% compared with the same month last year, a significant improvement over the single-digit growth seen in the previous month. This increase was largely powered by strong performance from the Life Insurance Corporation of India (LIC) and leading private insurers.
LIC reported a growth rate of around 23% in February, surpassing the private sector average of roughly 20%. This marks the third consecutive month of LIC’s dominant market leadership. Among private insurers, Canara HSBC Life Insurance stood out with an impressive growth exceeding 60%, reflecting its aggressive expansion strategy.
The table below summarises February’s WRP growth, market share, and new business premium growth across major insurers:
| Company | WRP Growth (YoY) | Market Share (Personal WRP) | New Business Premium Growth (YoY) |
|---|---|---|---|
| LIC | 23% | 27% | 20% |
| SBI Life | 20% | 12.1% | 18% |
| HDFC Life | 19% | 11.9% | 17% |
| Max Life | 45% | 6% | 30% |
| Canara HSBC | 60% | 5% | 40% |
| ICICI Prudential | 22% | 7% | 18% |
| Bajaj Allianz Life | 20% | 3% | 15% |
| Tata AIA | 25% | 4% | 20% |
New Business and Policy Volume
The industry’s new business premiums maintained a healthy growth trajectory, rising approximately 18% year-on-year. The number of policies issued increased by roughly 23%, indicating strong consumer demand for both protection and savings products.
Within the private sector, SBI Life retained the largest share of personal WRP at 12.1%, followed closely by HDFC Life at 11.9%. Meanwhile, Max Life and Tata AIA are gradually strengthening their positions in new business. Private insurers also reported an increase in average ticket sizes, reflecting a consumer preference for higher-value policies.
Outlook for the Industry
Motilal Oswal anticipates that the upward trend will continue in the coming months. Factors supporting sustained growth include continued focus on traditional products, GST exemptions on certain policies, geographical expansion by private insurers, and a robust distribution network. Additionally, the promotion of protection products and increasing awareness of long-term savings and insurance benefits are contributing to the sector’s resilience.
Overall, February’s performance underscores the stable demand in India’s life insurance industry, with strong initiatives from both public and private sectors and innovative product offerings consolidating the market. The trends provide a positive signal for the remainder of 2026, suggesting that the sector is well-positioned for sustained growth.