Budget proposals restricting tax benefits for non-Ulip insurance policies and increase in benefits in the new tax regime have heightened price volatility of insurance stocks. Between 31 January and 13 February, HDFC Life lost 11.1%, Max Life lost 11.7%, LIC lost 7.1% and both SBI Life and ICICI Prudential Life (IPRU) lost 3.3% each. Except for Max Financial, all four other insurers have seen a 2-4.6%decline in target prices since 31 January,