India’s life insurance industry recorded another month of strong expansion in November, with premium growth gaining momentum following the removal of goods and services tax (GST) on select insurance products.
Retail weighted received premium (RWRP) rose 27% year-on-year, underscoring continued recovery in customer demand and sustained traction across private insurers.
State-run Life Insurance Corporation of India (LIC) posted 23% growth in November, supported by a favourable base, while private-sector insurers grew 28%, maintaining their lead in overall expansion.
Among large private players, SBI Life reported the strongest performance with a 33% rise in premiums. Max Life and HDFC Life followed with 23% and 20% growth, respectively, while ICICI Prudential Life grew about 13%.
Bajaj Allianz Life continued to outpace the broader market with 39% growth. Tata AIA Life and Aditya Birla Sun Life Life each expanded 28%, while Canara HSBC Life grew 26%.
On a year-to-date basis, industry RWRP rose 7%. LIC, however, contracted 2%, while private insurers grew 12%.
Max Life led the private pack with 18% growth, followed by SBI Life and HDFC Life, which reported increases of 11–12%. ICICI Prudential Life remained a laggard, declining 6%.
The November numbers follow a mixed performance in October, the first full month after GST exemptions on life and health insurance premiums took effect.
Both life and general insurers reported divergent trends, with some companies benefiting more immediately from the tax relief while overall industry growth remained moderate.
In the life segment, SBI Life continued to stand out, registering its second consecutive month of strong expansion. Individual retail premiums rose 19% year-on-year in October, following a 15% rise in September, signalling steady momentum even before the sharper November uptick.
