Margins likely to remain steady, death claims to be monitored: Margin levels will be broadly steady at 24-26% (20-21% for SBILI) from FY21 levels as demand for low margin product like ULIP has not recovered completely, while push also is limited. We believe, continued preference of specific product in non-par & protection will keep margins steady. Second wave severity was high and hence we watch out for death claims, but should not breach provisions...