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Union Budget 2020 needs to launch about proposed measures to make insurance policies higher affordable and consumer-friendly, insurance companies have requested. According to the Indian Insurance Regulatory and Development Authority (IRDAI) annual report, insurance penetration of India remains one o
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FAQ :
According to the IRDAI annual report, insurance penetration in India was one of the lowest at 3.70 percent in 2018.
The insurance sector wants parity between taxing pension policies issued by life insurance companies and pension products under the National Pension Scheme (NPS).
The Life Insurance Council has proposed additional tax incentives of around £50,000 over the Section 80C ceiling for investments in pension plans.
It has been suggested to add a separate deduction of around £50,000 for first-time life insurance customers.
Some in the industry suggest abolishing life insurance rates under Section 80C and creating a separate category, or increasing the Section 80C limit to £300,000.
An important step suggested is to offer additional tax gains for women policyholders to encourage them to save and protect their lives.
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