On your last point, agree its an important one, but we don’t know how accurate it is. I remember in one of the concalls, they had mentioned that with some they have a fixed-pay method, with some its a variable one. Its possible that if volumes increase with fixed-pay one, we might see a fall in this %. I am not sure I can read a lot into the numbers changing for this metric, though it helps get some idea on how things are progressing.

I bet that there won’t be much growth in this insurance as they are not at all ready to settle any claims. Lot of negativity among the existing policy holders and they are spreading this negativity by sharing their experience and saving their time.

They are offering policies at the cheap premium but there is no meaning of taking such policies when the claims are surely getting rejected.

To make good returned first step is to reduce the number of stocks in your portfolio or else we may end up with index returns.
By Decreasing number of stock allocation will automatically increase in each stock.

It’s not about the % drawdown u should focus, you should focus on perspective. Initially the issue of genuine claim rejections, and the current data leakage saga has continuously weighing down the sentiments. The Star brand value might be decreasing, as they are not able to gain market share since last two years.
The change in perception is the key for success in this company. This would be a good bet for constrain style, but might test patience. One more point, the composite insurance is also dragging this, as the Life insurance companies can takeaway their agent based competitive advantage.
All are my personal observations.
Disc: No holdings