We have cut FY21E APE for IPRU/MAXL/SBILIFE/HDFCLIFE by 4.1/1.7/5.8/4.6%. We have also lowered VNB margins assumptions between 10-70bps across the board. SBILIFE continues as our top pick with reduced TP of Rs 1,120 (Dec-20EV +24.4x FY22E VNB, +22.9% upside), MAXF offers attractive risk reward, TP of Rs 563 (MAXL: Dec-20EV +18.8x FY22E VNB, +16.6% upside). The Union budget 2020 has introduced a new optional personal tax regime and removed dividend distribution tax. These changes are likely to impact both demand and margins for life insurance products. We have reduced our APE growth assumptions for FY21E, VNB margins FY20E onwards and also reduced EVs for FY20E.