Life insurance companies reported strong growth in non-participating or non-par products as companies launched a host of guaranteed products when the interest rates were falling.
Policyholders, too, preferred the guaranteed products for savings, protection, pension and annuity as many saw their savings and earnings getting eroded because of job losses due to the pandemic. Moreover, they did not want to compromise on non-negotiable life goals such as building a corpus for retirement or children’s education, especially during the uncertain times.
