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. Read more
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. Read more
Experts say the frequency of claims in fire is much lower than in other areas of insurance Read more