In the wake of the covid-19 pandemic, mobilization of savings could take a hit even in the near future Social distancing norms in the month of March when a lot of people end up buying new insurance policies to save tax and the announcement of the new tax regime earlier in the year which does away with Section 80C deductions seem to have hit sales of life plans.
New business premium for life insurance companies tanked 32% in March to ₹25,409.30 crore compared with ₹37,459.36 crore in March 2019, according to data published by the Insurance Regulatory and Development Authority of India (Irdai).
Life Insurance Corp. of India (LIC), which has the largest market share of nearly 76% (in terms of number of policies), reported a dip of 31% in new