Insurance – Sector Update – ULIP resilient; focus on PAR
Published on 30 Jun 2026
We conducted channel checks for Axis Max Life, SBI Life and HDFC Life by visiting partner network branches in Mumbai (~15 branches) to assess on-ground product demand, customer preferences, distribution dynamics and commission structures. PAR products are the top-selling category at Axis Max Life branches (SWAG PAR Smart Plan/Insta Income Plan), while ULIP retains strong traction at SBI Life (Fortune Builder) and HDFC Life (Smart Protect Plus). NPAR and protection continue to see healthy demand, though momentum has slowed down, especially post GST exemption. On the distribution front, all 3 channels remain heavily dependent on RM-driven lead generation. Commission structures are largely front-loaded, incentivizing distributors toward longer tenure products.
