India’s life insurance industry demonstrated robust growth in February 2026, with total premiums rising by more than 20% year-on-year. This surge has been primarily driven by higher sales of traditional policies, coupled with steady demand across both public and private insurers, according to a report from Motilal Oswal Financial Services.
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Weighted Premiums Show Strong Recovery
The report highlights that the weighted received premium (WRP) grew by approximately 21% in February, a significant improvement compared with the single-digit growth recorded in the previous month. This recovery has been largely attributed to strong performances from both the Life Insurance Corporation of India (LIC) and leading private insurers, signalling renewed consumer confidence and a stabilising market.
LIC and Private Insurers’ Performance
LIC continued to outperform the private sector, posting an impressive 23% growth rate, while private insurers collectively reported around 20% growth. This marks the third consecutive month of LIC’s market dominance. Among private insurers, Canara HSBC Life Insurance recorded the fastest growth, exceeding 60%, reflecting its aggressive market expansion and product adoption.
The table below summarises the growth and market share of leading life insurers in February 2026:
| Insurer | 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 sector’s new business premiums also maintained a healthy trajectory, rising by roughly 18%, while the number of policies issued increased by around 23%. This growth underlines the sustained demand for protection and savings products.
Within the private sector, SBI Life retained the highest share of personal WRP at 12.1%, followed closely by HDFC Life at 11.9%. Max Life and Tata AIA have been steadily strengthening their new business performance. HDFC Life remains the largest private insurer in terms of unweighted premiums, followed by SBI Life and ICICI Prudential.
The report also notes that the average ticket size for private insurers is gradually increasing, indicating that customers are opting for higher-value policies. LIC continues to dominate in terms of policy volume, though its average ticket size remains smaller than that of private players.
Outlook
Motilal Oswal anticipates that this growth momentum will continue in the coming months, supported by a focus on traditional products, selective GST exemptions on certain policies, and strategic geographic expansion by private insurers. Companies are strengthening distribution networks, promoting protection-oriented products, and benefiting from rising awareness of long-term savings and insurance among consumers.
Overall, the February 2026 performance confirms that India’s life insurance sector remains resilient, underpinned by stable market demand and strong initiatives from both public and private insurers.