The overall NBP is expected to grow to Rs. 4.31-4.33 trillion and Rs. 4.65-4.68 trillion in FY2026 and FY2027, respectively, from Rs. 3.97 trillion in FY2025, a growth of 8.4%-8.9% and 7.8%-8.2% in FY2026 and FY2027, respectively.

• Individual NBP grew 11.2% in FY2025, exceeding the 4-year CAGR of 10.0%. Growth slowed to 3.1% YoY in H1 FY2026 due to a high prior-year base and LIC’s decline. Momentum, however, rebounded in October 2026, aided by a low base and partly due to favourable impact of Goods and Service Tax (GST) exemption.
• Individual NBP growth is projected to rebound in H2 FY2026, with overall growth of 8.7–9.2% anticipated for FY2026. The GST exemption on individual life insurance policies, which reduces costs and enhances affordability, is expected to partially support this growth, further aided by the low base of H2 FY2025. The individual NBP growth for private insurers is expected to be higher at 10.4–10.9% in FY2026.