The VNB growth remained weak this quarter, down 18% year on year. Max Life Insurance plans to launch more non-par and annuity products to improve margins. The company is implementing strategies to counter the fall in VNB, focusing on high-margin driver products like protection and health segments, annuities, and riders. The Banka channel, which has been slow for the industry, is expected to pick up, with growth projected to be close to 30% in January. The partnership with Axis Bank, a major partner for Max Life Insurance, is expected to contribute to future growth.
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