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The fall in pension business is due to a special tax treatment for the New Pension System (NPS) and a regulatory clause that makes it mandatory for life insurers to offer guaranteed returns to subscribers.
The insurance industry is getting digitally savvy giving policyholders the comfort of buying and managing their policy and that too at lower costs.
The product available at Rs 1.2 per day provides Rs 50,000 inpatient and Rs 10,000 OPD coverage, the company said.
In the 15 years since the private sector was allowed into the sector, these companies have seen their combined market share fall to 55 per cent from 100 per cent.
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