Removal of long-term capital gains tax (LTCG) with indexation benefits status on debt mutual funds might have evened out the playing field for long-term debt products, even as the life insurance industry has not been granted any of the relaxations it sought from the finance ministry. Experts said with this change, the insurance industry might find itself slightly better-placed as customers looking for tax-free returns under Rs 5 lakh investment per year may choose guaranteed products of life insurance companies.