Archive · 29 Jul 2025
Life Insurers Shift Away From ULIPs Amid Market Volatility
Insurance companies are changing what they sell.
Because the stock market is up and down, people aren't buying insurance plans linked to the market as much (ULIPs).
Companies like SBI Life and ICICI Prudential are selling fewer of these and more traditional plans.
HDFC Life's sales of ULIPs have remained stable.
The companies believe that people will start buying more ULIPs again when the market becomes more stable.
These changes are mostly impacting how affluent people manage their money.
Life insurers are shifting from Unit Linked Insurance Plans (ULIPs) to non-ULIP products.
SBI Life Insurance saw ULIPs fall to 57% of its product mix in Q1FY26.
ICICI Prudential Life Insurance saw its ULIP share drop to 46.8% in Q1FY26.
HDFC Life Insurance's ULIP share remained at 38% of individual APE.
Insurers expect a rebound in ULIP demand in the future.
- Who
- Life insurers
- What
- Life insurers are shifting away from ULIPs.
- When
- Q1FY26
- Where
- India
- Why
- Due to market volatility
Slowing ULIP Sales
Future ULIP Demand
Market Volatility Impact
Slowing ULIP Sales
Falling ULIP sales are impacting insurer direct business, like at ICICI Prudential.
Future ULIP Demand
Long-term market fundamentals remain strong, and ULIP demand is expected to rebound.
- SBI Life ULIP Share Q1FY26
- 57%
- SBI Life Non-Par Share Q1FY26
- 38%
- ICICI Prudential ULIP Share Q1FY26
- 46.8%
- HDFC Life ULIP Share
- 38%
- APE Calculation
- Annual premiums + 10% of single premiums