The growth in individual NBP was strong at 10.8% in FY2026. 

While the growth in individual NBP was subdued in H1 FY2026 due to the higher base of the previous year, it picked up momentum from October 2025 for both private insurers and LIC. Apart from the lower base for H2 FY2026, growth was supported by the GST exemption on individual life premium, which has improved affordability. 

ICRA projects the industry individual NBP to rise by 9.4-9.9% in FY2027. Group NBP rose at a CAGR of 10.8% during FY2021-FY2026. LIC has a strong presence in the group fund business while the growth of private insurers was driven by the group credit life and group term businesses.

Source: ICRA Research; Amount in Rs. billion