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The Budget has many positive implications for the General Insurance Sector. Banks being allowed at act as Insurance Brokers will increase insurance penetration as the large number of Bank Branches could be leveraged to distribute Insurance Products in a more effective manner, said the CMD of The New India Assurance CO. Read more
Organisation of Pharmaceutical Producers of India (OPPI) in its budget 2013 wish-list has asked the government to government to increase the deduction to an individual or HUF under Section 80D with respect to health insurance premium paid. Read more
Non-life insurance segment has a very high potential to grow. However, in the absence of incentives, individual prefer saving instruments. Therefore, there needs to be a concerted effort to make insurance all the more affordable and attractive for the common man, says Ajay Bimbhet, Managing Director, Royal Sundaram Alliance Insurance Company Ltd, in his pre-Budget expectations. Read more
In order to boost life insurance, levying of service tax should be revisited in order to make the product attractive, says V Philip, MD & CEO, Bajaj Allianz Life Insurance, in his pre-budget expectations. Read more
Budgets are usually preceded by intense speculation over various proposals, and this year is no different. While most industry forums and companies suggest measures relating to indirect taxes, the financial services industry also draws up a wishlist of direct tax proposals. Read more
Coverage under Agriculture Crop Insurance schemes and subsidized fertilizers for tea sector, the two major demands of small tea growers in India are gaining momentum. The national apex body of small tea growers has made an appeal to the union Finance Minister P Chidambaram to incorporate the tea sector under these schemes in his next budget proposal. Read more
Finance Minister P Chidambaram plans to introduce the insurance and pension bills in the Budget session of Parliament as he is optimistic of securing the opposition’s support on the contentious legislations, Bank of America Merrill Lynch said after an investor interaction it hosted with Chidambaram in Singapore. Read more