“On health insurance, we saw a surge in Google search volume in September and October, but it came down in November and December. This shows that demand for retail products will not see a major bump-up immediately, but hopefully, within the longer term, this will have an impact on the industry in a sustained way,” said Malani, adding that the GST exemption is a “structural change” and will have a lingering impact extending into the first half of 2026.
