India’s life insurance industry recorded a robust performance in November 2025, driven by gains across both private insurers and the Life Insurance Corporation of India (LIC), according to a report by PL Capital. The growth was evident in both Individual and Group Annualised Premium Equivalent (APE), reflecting strong demand, higher retail participation, and a continued shift toward protection products.

Private life insurers reported a 27.9% year-on-year increase in Individual APE, while LIC posted 22.9% growth in the same segment. Overall, the industry’s Individual APE rose 26.6% during the month.

Within private players, SBI Life led with 32.7% growth, followed by Axis Max Life at 22.6% and HDFC Life at 19.7%. ICICI Prudential Life grew 13.1%, while other companies such as Bajaj Life

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