Tax breaks likely on home, accident cover

Soon you may be able to get tax deduction on buying an insurance plan for your home or a personal accident cover. The finance ministry is considering a proposal to give additional tax benefits for purchasing these general insurance policies.

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General Insurance: Government, industry to prepare road map boosting general insurance

The government along with the industry will prepare a road map for improving penetration of the general insurance in the country which is less than one per cent, a senior official said.

“Our (general insurance) penetration rate is low. It is 0.7 per cent. How do we improve it to average standard which is 1.5 to 4 per cent? The road map is to be prepared by all of us”, Financial Services Secretary D K Mittal said.

He was speaking to reporters after meeting of the representatives of the general insurance industry with Finance Minister P Chidambaram.

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