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Quick Pointers

* ULIP resilient; protection momentum slowing down

* NPAR sees steady growth; PAR products gain traction

* Commission structures largely front-loaded, to incentivize distributors toward longer tenure products

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.

ULIP resilient; protection slowing down: Our interaction suggests ULIP enquiries at branches are picking up as war-related caution fades and younger customers look to capitalize on lower NAV levels. Fortune Builder (SBI Life), Smart Protect Plus (HDFC Life) and Fast Track Super (Axis Max Life) are seeing strong traction. Protection/ term plans are seeing consistent demand; however, the pace has slowed down as many customers have already availed the benefit of GST exemption over the past 10 months.

NPAR seeing steady demand; PAR in focus:

PAR is the top-selling product at Axis Max Life branches with SWAG PAR and Insta Income Plan seeing robust customer acceptance due to superior payouts and tax-efficient returns. Click 2 Achieve is the recommended PAR product at HDFC Life and customers investing in PAR mostly belong to the 40–50 year age group, with ticket sizes up to INR5 lakh. Within NPAR, Sanchay Plus/ Sanchay Aajeevan Guaranteed Advantage (HDFC Life) and Smart Platina Supreme (SBI Life) are popular products.

Heavy reliance on RM connects for new leads:

At Axis Bank branches, leads are largely originated through RM-driven interactions, rather than walk-in traffic. Tata AIA products are available at HDFC Bank branches. SBI does not undertake independent or separate marketing activities to promote SBI Life products. However, renewal-to-new-business customer ratio at the branch level stands at ~2:1, indicating a more mature and stickier book

Commission structures largely front-loaded:

The commission structure for individual agents at SBI Life (Exhibit 1) is largely front-loaded and linked to the premium paying term. Moreover, the rider attachment rates are low – only 10 to 15 out of every 100 policies sold have a rider attached.

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SEBI Registration number is INH000000933