ne of the largest attracts for a lot of buyers to purchase insurance coverage insurance policies has been tax breaks. This 12 months’s Finances proposed a key change that influence the life insurance coverage business. The maturity quantity for sure life insurance coverage insurance policies will probably be taxable from April 1, 2023, if the full premium paid in a 12 months is Rs 5 lakh or extra. For all times insurance coverage buyers, it is a robust second of reality. The most recent proposal is more likely to dent the gross sales of conventional life insurance coverage merchandise which have been witnessing sturdy progress over the previous few years.
The main focus proper now could be to know the lack of enterprise from this proposal. How will insurers make up for this? What would be the impact on margins and income? Tune in to know extra.
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