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Buying insurance policies could become more attractive from next fiscal, with the government poring over various options to boost the sector, which has been trailing other financial services like banking. Read more
Birla Sun Life Insurance has launched a participating plan called Vision LifeIncome’ which comprises regular guaranteed payouts, long-term savings and life insurance benefits. Read more
The finance ministry is planning to offer tax relief of up to Rs 50,000 on savings in pension and insurance products over and above the exemption of Rs 1 lakh under Section 80C of the income tax act. The National Pension Scheme (NPS) and products approved by the Insurance Regulatory and Development Authority are likely to be made eligible for the new benefits. Read more
The tax sops being planned for the life insurance sector, as reported by Mint, spell confusion on the government’s part. Read more
When the budget for 2006 was presented and passed, people in life insurance industry heaved a sigh of relief that there was no announcement about taxing the claim proceeds of life insurance policies (as well as PPF etc allowed for deduction u/s 80C) according the principle of EET (Exempt, Exempt and Tax) evolved in last budget, even though the EET committee appointed also is understood to have submitted a report in favour of taxing life insurance proceeds! Read more