Life Insurance Companies – Comparison

Any idea if todays mayhem on the Life Insurance companies is really called for?
So the change is, anyone paying more than 5lakh a year in Insurance Premium, won’t get tax exemption at the end of the policy period, accompanied by the change in taxation slabs and the new tax regime giving no exemption for Insurance Products.
Since there is a lot of uncertainty today, I have 2 questions if anyone can answer them.
How many people pay more than 5lakh in Premium a year? and
How much will the change is taxation regimes affect the growth of the Insurance Products?

Either way, with these changes we will know how mature is our insurance industry . This is will instill confidence of the growth of the industry going forward.